GKL third-quarter net income falls 52.6% to KRW6.95bn
Results2 min read
Grand Korea Leisure reported third-quarter 2026 net income of KRW6.95bn, down 52.6% year on year and 61.4% from the previous quarter. Consolidated sales rose 0.3% year on year to KRW109.67bn, while operating income fell 44.4% to KRW9.62bn; casino sales declined 1.4% to KRW134.64bn.
South Korean casino operator Grand Korea Leisure (GKL) reported third-quarter net income of KRW6.95bn, down 52.6% year on year and 61.4% from the previous quarter. Consolidated sales rose 0.3% year on year to just over KRW109.67bn in the three months to 30 September, but fell 8.9% from the preceding quarter, preliminary results filed with the Korea Exchange showed.
Operating income declined 44.4% year on year to KRW9.62 billion, down 53.8% sequentially. The operating margin was 8.8%, against 15.8% a year earlier and 17.3% in the second quarter. Third-quarter casino sales at Grand Korea Leisure reached KRW134.64 billion, down 1.4% year on year and 10.9% from the preceding quarter. The consolidated sales figure includes foreign-exchange income and excludes casino losses and sales allowances.
Cost of sales climbed 8.0% year on year to KRW89.96 billion as wages, employee benefits and sales promotion spending increased, according to Tuesday’s announcement. Selling, general and administrative expenses reached KRW10.09 billion, an increase of 15.5%. Finance costs were KRW2.99 billion, up from KRW285 million a year earlier.
Drop at Gangnam COEX reached KRW1.75 trillion in the first nine months of 2026, up 17.7% year on year; it was the group’s largest property by that measure. The property’s casino net sales grew 4.0% to KRW164.6 billion in the period, while its hold ratio dropped from 10.6% to 9.4%.
Grand Korea Leisure operates under the Seven Luck brand in South Korea, with three casinos for foreigners: two in Seoul and one in Busan. Its parent is the Korea Tourism Organization, which is affiliated with South Korea’s Ministry of Culture, Sports and Tourism.