Grand Korea Leisure Denies Decision on Seoul Casino

Reports of a new casino resort in Seoul pushed Grand Korea Leisure into the spotlight this week. The state backed operator responded quickly, saying media claims ran ahead of any confirmed plans.

Good to Know

• Grand Korea Leisure denied making a decision on a Seoul casino resort
• The company confirmed only early feasibility preparation
• All current casinos operate under leased properties

Grand Korea Leisure Co Ltd said it has not made any concrete decision regarding a potential casino resort project following local media coverage suggesting a major development in Seoul.

In a Tuesday filing with the Korea Exchange, the foreigner only casino operator described the report as unconfirmed. The response followed a Monday article from The Korea Economic Daily titled “GKL to build a casino resort in Seoul.”

Grand Korea Leisure said the report amounted to “rumours” and did not reflect finalized plans.

“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,” the company said in its statement.

“No specific decisions have been made regarding this project.”

The operator added that further disclosure would follow once details are confirmed or within one month.

Feasibility Stage Comes First

While the company avoided direct reference to Seoul, the filing made clear that discussions remain at an early stage. A preliminary feasibility study represents a first step rather than a commitment to construction or investment.

Grand Korea Leisure emphasized that no location, scale, or development timeline has been approved.

Current Casino Footprint Remains Unchanged

Grand Korea Leisure operates three Seven Luck branded casinos serving foreign visitors. Two locations operate in Seoul, one at Gangnam COEX and another at Dragon City. A third casino runs at Busan Lotte in the southeastern port city of Busan.

All three casinos operate under lease agreements rather than company owned real estate, according to data from the Ministry of Culture, Sports and Tourism, which oversees casino regulation.

The Korea Economic Daily reported that total annual leasing fees for the three venues range between KRW30 billion and KRW40 billion, equivalent to roughly US$20.3 million to US$27.1 million.

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