[Edaily Kang Gyeong-rok Travel Reporter] Last month, casino revenue for three publicly listed companies operating casinos exclusively for foreign visitors totaled 171.168 billion won, an 8.6% increase from the same month last year. During the same period, the “drop”—the amount of money customers exchanged for chips to play table games—rose by only 4.3%. While Paradise saw a smaller increase in revenue compared to the growth in drop, GKL and Lotte Tour Development posted revenue growth despite a decline in drop.
According to a compilation of preliminary operating results announced on the 5th by Paradise, GKL, and Lotte Tour Development, the three companies’ combined casino revenue for July increased by approximately 13.56 billion won compared to the same month last year. Their combined table drop totaled 1.213562 trillion won, an increase of about 49.9 billion won from a year ago.

While all three companies saw revenue growth, their operating performance varied. Paradise was the only company to report an increase in drop volume. GKL and Lotte Tour Development saw their table game revenue rise despite a decrease in drop volume. The hold rate—which varies depending on game outcomes—determined the extent of revenue growth for each company.
The hold rate is the percentage of the drop amount wagered by customers on table games that remains as casino revenue. Even if the drop amount increases due to a rise in the number of customers and bet sizes, revenue growth is limited if the hold rate is low. Conversely, revenue can increase even if the drop amount decreases, provided the hold rate rises.
Paradise’s July casino revenue totaled 77.892 billion won, a 3.6% increase from the same month last year. Table game revenue was 73.46 billion won, and slot machine revenue was 4.44 billion won, each rising by 3.6%.
During the same period, table drop amounted to 671.629 billion won, a 15.0% increase. The growth rate of drop exceeded the revenue growth rate by 11.4 percentage points. The simple hold rate—calculated by dividing table revenue by drop—stood at 10.9%, down approximately 1.2 percentage points from 12.1% in July of last year.
This suggests that the increase in drop volume did not fully translate into revenue growth. In the second quarter of this year, Paradise’s drop volume rose 12.2% year-over-year, but the casino revenue growth rate was limited to 8% due to a lower hold rate.
However, cumulative operating indicators continued to show an upward trend. Paradise’s casino revenue for January through July of this year totaled 554.26 billion won, a 4.6% increase compared to the same period last year. Cumulative drop amounted to 4.49 trillion won, up 9.1%. Paradise reports consolidated financial results for its four foreigner-only casinos: Walker Hill in Seoul, Paradise City in Incheon, and locations in Busan and Jeju.
GKL’s casino revenue for July was 41.682 billion won, a 6.9% increase from the same month last year. Table game revenue rose 7.6% to 38.02 billion won, while slot machine revenue remained at a level similar to last year at 3.66 billion won.
Gross gaming revenue (GGR) decreased by 4.1% to 325.17 billion won. The gross hold rate rose by approximately 1.3 percentage points, from 10.4% in July of last year to 11.7% this year. Although the amount customers exchanged for chips decreased, revenue increased as the proportion of funds remaining at the casino rose.
By venue, revenue at Seven Luck Gangnam COEX rose 14.2% to 21.82 billion won. The Busan Lotte branch saw a 2.1% increase to 6.75 billion won. The Seoul Dragon City branch saw a 1.1% decrease to 13.12 billion won.
GKL’s cumulative casino revenue from January through July totaled 268.856 billion won, an 8.0% increase compared to the same period last year. Cumulative drop volume also rose by 11.0% to 2.31 trillion won. While the decline in drop volume in July can be viewed as a monthly fluctuation, whether the revenue decline at the Seoul Dragon City branch will persist remains to be seen.
The Jeju Dream Tower Casino, operated by Lotte Tour Development, recorded the highest revenue growth rate among the three companies. Net casino revenue for July was 51.594 billion won, an 18.8% increase compared to the same month last year. This marks the highest monthly revenue so far this year.
Table game revenue rose 17.7% to 48.909 billion won, while slot machine revenue increased 44.1% to 2.685 billion won. Although table drop decreased by 9.9% to 216.763 billion won, the hold rate rose by 5.3 percentage points from 17.3% to 22.6%.
The number of casino visitors also rose by 10.6% year-over-year to 62,706. This is the second-highest monthly figure since the casino opened in June 2021, following the record high of 63,192 visitors in May. The increase in visitors and the rise in the hold rate both contributed to the revenue growth.

Cumulative revenue for the Dream Tower Casino from January through July reached 317.337 billion won, a 33.3% increase. Cumulative drop amounted to 1.428138 trillion won, up 13.1%. The growth rate of cumulative revenue was more than double that of cumulative drop.
Market demand is expanding alongside the rise in foreign arrivals. In the first half of this year, the number of foreign visitors to South Korea reached 10.71 million, a 21.3% increase compared to the same period last year. In June, the number of visitors from China, Japan, and Taiwan also increased by 36.2%, 21.3%, and 35.3%, respectively. This indicates that the key customer markets for foreigner-only casinos are recovering simultaneously.
However, the increase in foreign visitors to Korea is not reflected in monthly casino revenue at the same rate. Casino revenue is influenced not only by visitor numbers and drop but also by customer composition and the hold rate, which depends on game outcomes. In July’s results, Paradise saw a low revenue growth rate despite an increase in drop, while GKL and Lotte Tour Development saw revenue increase despite a decrease in drop.
From January through July of this year, the cumulative casino revenue of the three companies totaled 1.140453 trillion won. While all three companies saw revenue growth compared to the same period last year, the growth rates varied significantly: 4.6% for Paradise, 8.0% for GKL, and 33.3% for Lotte Tour Development. As the foreigner-only casino market continues to recover, differences in customer composition and hold rates across individual venues are widening the revenue gap.