GKL Plans Own Casino Resort in Seoul After 20 Years
Creatrip Team
2 months ago
State-run operator Grand Korea Leisure (GKL), which runs the foreigners-only casino brand Seven Luck (세븐럭), has begun serious planning to secure and build its own gaming resort in Seoul after 20 years of operating inside leased hotel properties. GKL says leased venues limit its ability to offer family-friendly amenities—like pools, shopping and K-medicine (Korean medical services)—that modern tourists want, leaving it behind rivals that own integrated resorts with hotels, pools and arenas. The company currently rents casino spaces in Gangnam, Yongsan and Busan and pays an estimated 30–40 billion won annually in rent (about 300–400 billion won depending on reporting), roughly 60–70% of last year’s operating profit, creating pressure to cut costs. Building a flagship 5-star urban resort could cost around 1 trillion won and requires large financing and government approval; GKL has several hundred billion in liquid assets and borrowing capacity to pursue the plan. Executives argue a proprietary resort would improve competitiveness—especially ahead of Japan’s 2030 Osaka integrated resort opening—and create many non-gaming jobs to relieve staff stagnation. Major hurdles remain: securing funding at scale and obtaining regulatory permission from authorities.
