written and last updated by
Sam Smith at
18 Jan 2024
Journalist, Editorial Department
Grand Korea Leisure Co., Ltd. (GKL) reported a net profit of 44.08 billion won (approximately $2.9 million) for the entire past year. In 2021, the South Korean casino operator recorded a net loss of 22.74 billion won (around $1.5 million), largely due to the impacts of the COVID-19 pandemic.
In 2023, GKL's total sales reached 396.69 billion won (about $26.3 million), marking a 51.3% increase compared to 2022. The company's operating profit for 2023 was 51.31 billion won (approximately $3.4 million), a significant turnaround from the operating loss of 13.92 billion won (around $923,400) reported in 2022.
The operator submitted its financial report to the Korean stock exchange on Thursday. The figures released are based on preliminary data that will undergo auditing. However, GKL has already commented on the sales growth and return to profitability in 2023, attributing these results to an increase in the number of international visitors throughout the year. The company previously announced plans to attract even more VIP clients from abroad, with initiatives aimed at enhancing marketing efforts in mainland China and the major Japanese cities of Tokyo and Osaka.
Grand Korea Leisure, a state-run operator, is under the auspices of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports, and Tourism. GKL operates the Seven Luck casino network, which caters exclusively to foreign visitors, with two locations in Seoul and one in Busan.
In October of last year, the operator launched the Sevenluck+ mobile application, allowing players to utilize cashless payment services and simplifying the identity verification process for casino visitors.
For context, Marina Bay Sands has been recognized as the most valuable casino brand in the world.
