Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Casinos see revenue surge as tourism returns to pre-COVID levels
Lotte Tour's casino for foreign nationals at Jeju Dream Tower / Courtesy of Lotte Tour
By Lee Yeon-woo
Visa-free policy for Chinese travelers likely to fuel momentum
Sales at Korea's top three casinos, which operate exclusively for foreign nationals, surged in the first quarter of 2025, buoyed by the return of international travelers, data showed Tuesday.
Industry watchers expect further earnings growth, with the government planning to allow visa-free entry for Chinese group tourists — potentially as early as the third quarter.
According to the Financial Supervisory Service's electronic disclosure system, DART, Paradise Hotel & Resort's casino division recorded preliminary sales of 222.9 billion won ($156.5 million) in the first quarter of 2025, an 8.8 percent increase from the year before.
Although figures declined in January and February year-on-year, the casino posted a sharp rebound in March, with monthly sales surging 51.6 percent to 81 billion won.
Grand Korea Leisure (GKL), operator of the Seven Luck casinos, also reported strong growth, with its preliminary first-quarter sales rising 15.6 percent to 108.3 billion won from a year earlier.
"The increase in the hold percentage (casino's retained share of the total betting volume) and our targeted strategy to attract Japanese VVIPs appear to have paid off," a GKL official said.
Lotte Tour, which operates a casino at Jeju Dream Tower, posted the highest growth rate among the three. Its provisional first-quarter revenue rose 20.8 percent year-on-year to 84.5 billion won.
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A recovery in inbound tourism drove the surge in sales.
Following former President Yook Suk Yeol’s declaration of martial law last December, political unrest led to a sharp decline in the number of visitors to Korea. The figure dropped to 1.27 million in December and 1.1 million in January.
However, the trend began to reverse in February, with tourist numbers rising to 1.13 million — reaching approximately 94.7 percent of February 2019 levels. While March data is still pending, industry experts anticipate a stronger uptick driven by renewed travel demand.
Operating profits at casinos are expected to rise in tandem. In the first quarter of this year, Paradise is projected to post an 8 percent increase from a year earlier.
GKL and Lotte Tour Development are forecast to see respective gains of 37 percent and 47 percent.
Adding to the optimism is the Korean government's consideration of a nationwide visa-waiver program for Chinese group tourists — the country's largest source of inbound visitors. Currently, they are only allowed visa-free entry to Jeju.
"If a nationwide visa-free policy for Chinese tourists is implemented, interest in traveling to Korea is expected to rise, leading to simultaneous growth in key destinations such as Jeju, Seoul and Busan (where many casinos are located)," Kiwoom Securities analyst Lee Nam-su said.
Still, some in the industry remain cautious, citing China's recent economic challenges related to U.S. tariffs.
An industry official speaking on condition of anonymity said, "While the policy could certainly help, the key will be how effectively casinos attract a stable level of Chinese VIP clients."