South Korea’s two largest foreigner-only casino operators reported steep revenue declines in March 2026, with Paradise Co posting its weakest monthly result following an unusually strong February.
Paradise Co recorded casino sales of approximately 49.5 billion Korean won for the month, a fall of 44 percent from February and roughly 39 to 40 percent below the same period a year earlier. Grand Korea Leisure (GKL) reported sales of around 31.98 billion won, down 16 percent month on month. Both operators attributed the weaker performance primarily to softer table game activity, which drives the bulk of casino revenue across South Korea’s licensed market.
Reversal after a strong start
The March figures are definitely a retreat from the bullish performance in February, where sales by Paradise Co. stood at about 89.5 billion won, up by 24 percent on the corresponding period in 2025, whereas GKL showed sales of 38.08 billion won, reflecting an increase of 17.3% compared to the previous year.
For GKL, the quarterly picture offers some additional context. The operator’s total casino sales for the first quarter of 2026 came in at approximately 106.65 billion won, a marginal decline of around 1.5 percent against the prior year equivalent. Table drop for the quarter reached roughly 931 billion won, up approximately 12.6 percent year on year, suggesting that despite the March weakness, the volume of play at GKL’s tables held up over the period.
Both companies publish monthly casino sales disclosures through the Korea Exchange, where they are listed. These standardised filings are released early in the following month and are widely referenced by industry analysts tracking the South Korean market.
Two operators in a tightly regulated market
Paradise Co and GKL are the dominant players in South Korea’s foreigner-only casino segment, operating under a regulatory structure established by the Tourism Promotion Act. The legislation restricts casino access almost entirely to foreign visitors, a defining feature of the market.
Paradise Co operates properties across four locations: its Walkerhill venue in Seoul, the integrated Paradise City resort near Incheon, and further sites in Busan and Jeju. GKL, a subsidiary of the Korea Tourism Organization, runs the Seven Luck casino brand across three venues: two in Seoul, at Gangnam and the COEX complex, and one on Jeju Island.
South Korea holds 18 licensed casinos in total. Seventeen of those are restricted to foreign nationals. The single exception is Kangwon Land, which operates under a specific legal carve-out permitting access to domestic players.
Table games remain central
Gains made by casinos in South Korea are mainly from table games because they tend to make up the largest percentage of earnings in foreigner-only gambling places. Machine game gains are used as a supplement. The drop in earnings made by both operators in March was a result of the poor performance by table games in the same period.
The drop in earnings witnessed in March, being substantial due to a high level of performance in February, is one of the features of earnings fluctuations experienced by the foreigner-only casinos in South Korea.
Paradise Co and GKL are expected to publish April figures in the early weeks of May, continuing the monthly reporting cadence that gives the market its near real-time revenue visibility.
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