Paradise, GKL Report March Casino Revenue Decline

South Korea’s foreigner-only casino operators, Paradise Co Ltd and Grand Korea Leisure Co Ltd (GKL), both reported declines in casino revenue for March, with figures falling on both a monthly and annual basis. Filings submitted to the Korea Exchange indicate continued pressure on casino performance, despite mixed trends in player activity.

Paradise Co Reports Sharp Decline

Paradise Co recorded casino revenue of approximately KRW49.50 billion (around $32.7 million) in March. This represents a drop of 44.0% compared to February and a 39.6% decrease year-on-year. Table games accounted for the majority of revenue, generating nearly KRW44.09 billion, down 47.5% from the previous month and 43.4% from the same period last year.

In contrast, table drop for March reached KRW587.74 billion, reflecting a 9.7% increase compared to February and remaining broadly stable year-on-year.

The company operates three standalone casinos located in Seoul (Walkerhill), Jeju Island, and Busan, as well as a joint venture with Sega Sammy Holdings in Incheon, where Paradise City is situated.

Despite weaker monthly performance, Paradise Co reported modest growth for the first quarter. Casino revenue for January to March totalled KRW229.67 billion, up 1.8% year-on-year, while table drop reached KRW1.76 trillion, a 3.6% increase.

GKL Also Sees Softer Results

Grand Korea Leisure posted casino revenue of KRW31.98 billion in March, down 16.0% from February and 22.8% compared to the same month last year. Table game revenue stood at KRW28.44 billion, declining 18.2% month-on-month and 26.0% year-on-year.

However, GKL’s casino drop moved in the opposite direction, rising to KRW339.30 billion. This marked an 18.8% increase from February and a 13.5% rise compared to the previous year.

GKL operates three foreigner-only casinos under the Seven Luck brand, with two venues in Seoul and one in Busan. The company is a subsidiary of the Korea Tourism Organization, which falls under the Ministry of Culture, Sports and Tourism.

First-Quarter Overview

For the first three months of the year, GKL reported casino revenue of KRW106.65 billion, a slight decline of 1.5% year-on-year. Meanwhile, total casino drop reached KRW931.03 billion, up 12.6% compared to the same period in 2025.

Overall, both operators entered the second quarter with mixed performance indicators. While casino revenue declined in March, player activity levels, as reflected in drop figures, showed greater resilience.