Foreigner-only casino operator reports weaker table game performance at year-end as lower hold rates offset resilient gaming volumes
South Korea’s foreigner-only casino operator Grand Korea Leisure (GKL) reported a softer performance in December 2025, capping a volatile end to the year despite delivering solid growth across the full twelve-month period. The December results stood out as a seasonal anomaly, as the final month of the year is typically among the strongest for casino operators due to increased travel and holiday-related visitation.
According to a regulatory filing submitted to the Korea Exchange on December 28, GKL generated total casino sales of KRW 36.30bn ($25.1m) for the month. This figure represented a 6.4% decline compared with the same period last year and a sharper 13.0% decrease from November, highlighting a notable slowdown in sequential performance.
The monthly contraction was largely driven by table games, which remain the company’s primary revenue source. Table game revenue fell to KRW 33.07bn, down 7.4% year-on-year and 13.8% compared with November. The decline suggested weaker conversion of visitor traffic into table play during what is traditionally a peak period, reflecting more cautious spending behavior among foreign patrons.
Machine gaming offered only partial relief. Slot machines and electronic table games produced KRW 3.23bn in revenue, reflecting a 5.6% increase year-on-year but a 4.1% decline month-on-month. The mixed performance underscored uneven wagering patterns and limited offsetting impact from non-table products.
Despite the softer revenue outcome, underlying gaming activity showed signs of resilience. Aggregate gaming drop across GKL’s three casinos reached KRW 330.37bn in December, marking a 19.8% increase year-on-year and a 1.0% rise from November. The divergence between rising drop and declining revenue points to a lower-than-usual hold rate during the month, temporarily weighing on reported sales figures.
For the full year 2025, GKL delivered a more positive picture. Total casino sales reached KRW 425.3bn ($294m), representing an 8% increase compared with the prior year. Table games generated KRW 385.9bn, up 7.5%, while machine gaming revenue rose 13.1% to KRW 39.4bn, reflecting gradual diversification in the revenue mix.
Total annual gaming drop increased 1.5% to KRW 3.70tn, indicating modest but steady growth in wagering volumes across the year.
At the property level, the Seoul Gangnam casino remained GKL’s largest contributor, producing KRW 205.61bn in annual sales. Seoul Dragon City followed with KRW 150.67bn, while the Busan Lotte casino generated KRW 69.05bn.
The December performance echoed earlier volatility seen in October, when casino sales declined despite rising drop and strong machine growth. Together, the results highlight ongoing pressure on table game margins amid broader adjustments across South Korea’s foreigner-only casino market.
