Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, said in a Tuesday filing that “no specific decisions have been made” regarding what it termed a “project” that had been reported in the country’s media.
The Korea Economic Daily had published a Monday story headlined: “GKL to build a casino resort in Seoul.”
In its Tuesday statement to the Korea Exchange, Grand Korea Leisure described the report as “rumours” that were “unconfirmed”.
The company said, without specifically referring to Seoul, the country’s capital: “Currently, the company is preparing to apply for a preliminary feasibility study with the Ministry of Economy and Finance regarding securing its own business site.
“No specific decisions have been made regarding this project.”
Grand Korea Leisure added in its statement to the bourse: “We will redisclose this information when specific details are confirmed, or within one month.”
Grand Korea Leisure operates three Seven Luck-branded casinos. Two are in Seoul:, namely at Gangnam COEX (pictured); and Dragon City respectively. The third is at Busan Lotte, in the southeast port city of Busan.
All three sites are leased from other parties, according to the data from the Ministry of Culture, Sports and Tourism, the government department that oversees the casino sector.
The Korea Economic Daily said Grand Korea Leisure’s annual leasing fees for the three venues were in aggregate between KRW30 billion (US$20.3 million) and KRW40 billion.
Grand Korea Leisure’s 2024 sales were KRW396.39 billion, according to a February filing.
