Grand Korea Leisure (A114090) Q3 2025 earnings summary

Executive summary

• Operates three foreigner-only casinos in Seoul and Busan, with 24/7 operations and a focus on attracting Asian tourists, especially from Japan and Greater China.

• Casino revenue accounts for 99% of total sales, with a 10% year-over-year increase in total sales to KRW 320.2 billion for the first nine months of 2025.

• Operating income and net income rose sharply by 63% and 73% year-over-year, respectively, reflecting strong recovery post-pandemic.

Financial highlights

• Consolidated revenue for Jan–Sep 2025: KRW 320.2 billion, up from KRW 290.5 billion year-over-year.

• Operating income: KRW 53.4 billion (Jan–Sep 2025), up from KRW 32.9 billion year-over-year.

• Net income: KRW 47.7 billion (Jan–Sep 2025), up from KRW 27.6 billion year-over-year.

• Basic EPS: KRW 772 for Jan–Sep 2025, up from KRW 446 year-over-year.

• Total assets: KRW 648.5 billion as of Sep 2025, up 5% from year-end 2024.

Outlook and guidance

• The foreigner-only casino market in Korea is in a growth phase, with 2024 market sales up 28.5% from pre-pandemic 2019 levels.

• Continued recovery in inbound tourism and aggressive marketing expected to support further growth.