Significant Increase in Gross Gambling Revenue for South Korean Casinos
Published October 14, 2022 by Brett C
Grand Korea Leisure (GKL) and Paradise Company reported a dramatic rise in Gross Gambling Revenue (GGR) year on year. The rising fortunes of South Korea's casino industry spell good luck for players, operators, and employees alike.
It's official; Grand Korea Leisure Company Ltd, known by the acronym GKL recently reported its financial results for September 2022. Month on month, revenue figures are up 10.7%, from US$16.7 million, or the equivalent of 22.91 billion Korean won, to 25.35 billion Korean won, or US$17.89 million. But the year-on-year increase is substantially higher, with +169.2% reported between September 2021 and September 2022.
GKL reported table game revenues (roulette, craps, blackjack, baccarat et al.) up 10.9% between August 2022 and September 2022, at 22.57 billion Korean won. Likewise, machine games reported an uptick in revenues of 8.9% month on month. That figure came in at close to 2.79 billion Korean won. For the year-to-date, Grand Korea Leisure (GKL) revenues are up 159.7% year-on-year, at 171.61 billion Korean won.
During Q1 2022, GKL reported a net loss totaling 10.80 billion Korean won, the equivalent of US$8.5 million. Plus, the company posted an operating loss of 42.29 billion Korean won. For Q1 + Q2 2022, GKL was also operating in the red with a loss of 18.77 billion Korean won, down 66.2% from the same period in 2021 (55.49 billion Korean won). But the important figure for the company is the revenue generated for Q1 + Q2 + Q3 of 2022 – up 160%, at US$121.1 million.
Paradise Company Limited is Up 313% Year-On-Year through September
As a premier casino operator in South Korea, Paradise Co Ltd – a foreigner-only casino – reported year-on-year revenue increases of 313% at 39.17 billion Korean won, the equivalent of US$27.6 million. Like GKL, revenues were down month on month; for Paradise Company, the figure was 22.4%. In August, the GGR was reported at 50.48 billion Korean won. This information was relayed to the authorities through the Korea Exchange.
In September 2021, Paradise Company reported revenues of 9.49 billion Korean won due mainly to heavy restrictions on incoming traffic. Additional measures hampered casino revenues, including social distancing for indoor entertainment venues and the pandemic. However, fuelling the rapid and unprecedented growth in GGR for this South Korean operator and GKL are eased visa entry restrictions through October 31, 2022, courtesy of the South Korean government.
For the next several weeks, no visa will be required for passport holders from Macau, Japan, and Taiwan. This important immigration legislation is similar to the one applicable to Japanese tourists from August 4, 2022. In addition, inbound visitors to Korea no longer need to undergo COVID-19 testing 24 hours before arrival. Paradise Company operates casino businesses in Seoul at Walkerhill, on Jeju Island, Incheon, and in the port city of Busan.
Online Casinos Ramp up Offerings to South Korean Players
While limited in number, the current selection of online casinos offering slots, card games, table games, and live dealer games to South Korean players has also reported strong growth in the market. The likes of yesbet88 is a case in point. This reputable online casino brand boasts a solid and growing presence in Southeast Asia and a loyal following among players in Korea. Yesbet88 is home to an enviable selection of slots, in-play, e-sports, live casino, and other exciting events for players.
With thousands of casino games and dozens of providers, this online casino has been enjoying a sharp uptick in GGR, with a growing number of players registering, depositing, and playing real money games.
