GKL posts $5.3m in revenue for March 2021 amid casino reopenings

The South Korean foreigner-only operator reported revenue of just KRW507m in February, when only Seven Luck Casino Busan Lotte was operational. GKL had all three of its casinos – Gangbuk Hilton, the Seven Luck-branded Gangnam COEX and Seven Luck Casino Busan Lotte – closed in mid-December amid fresh Covid-19 safety measures across the country.

The operator’s two Seoul properties had been shuttered since late November as a result of the tightening of social distancing protocols in the Seoul metropolitan area, a decision made by the country’s Central Disaster and Safety Countermeasures Headquarters to combat the spread of Covid-19.

The Busan property was reopened in February, with all three casinos now operational once again. Revenue for March 2021 was, however, 49% lower than revenue for March 2020.

Machine games sales for March 2021 reached KRW972m, a 48% year-on-year decline. GKL’s cumulative casino sales for the three months to 31 March meanwhile were KRW6.46bn, a 95% decrease from the prior-year period.

Fellow South Korean foreigner-only operator Paradise Co earlier this month reported March revenue of KRW22.55bn, a 20% year-on-year increase.

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Peter Lynch

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Peter Lynch is a journalist and former Staff Writer for Gambling Insider, where he worked from October 2020 to March 2023. During his tenure, Peter was responsible for writing news articles and feature content that explored major developments across the global gambling and iGaming industries.

He regularly interviewed leading executives and industry figures to bring firsthand perspectives on regulatory changes, commercial strategy and emerging market trends to Gambling Insider’s professional B2B audience.

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