State-affiliated casino operator Grand Korea Leisure will not confirm or deny a report that it will develop a casino resort in Seoul. While describing the report as a “rumour”, GKL also said the plan remains “undetermined”.
In a filing, the company acknowledged that it is “preparing to apply for a preliminary feasibility study with the Ministry of Economy and Finance”. However, it continued, “no specific details have been decided at this stage”. Further details will be forthcoming “when specific matters are confirmed or within one month”.
GKL operates three foreigner-only casinos in Seoul and Busan. The Korea Tourism Association is the majority shareholder, holding a 51% stake in the company.
According to the Korea Economic Daily, GKL President Yoon Dyoo-hun called South Korea’s foreigner-only casino market “a red ocean” that is especially vulnerable to growing competition. He said customers are looking for destination amenities like “pools, shopping and Korean medical services, which current facilities cannot offer”.
GKL aspires to owned-operated model
GKL’s Seven Luck-branded casinos now operate inside leased hotel properties but without dedicated amenities.
Reportedly, Yoon believes owned-and-operated properties would better compete with regional offerings including MGM Osaka, Japan’s future integrated resort. The nation’s first IR expects to draw 20 million people a year, including up to 7.6 million Koreans.
At a 2025 industry roundtable in Korea, Lee Min-jae of the Integrated Resort Tourism Research Centre noted the global trend toward IRs. “But Korea has fallen behind.” he said. “We need to catch up quickly.”
“Casinos were once seen as a last-ditch tool for reviving weak local economies,” added Yoon Tae-hwan, professor at Dong-eui University. “But they have evolved into high-value tourism assets, shifting from VIP-focused venues to large cultural and entertainment hubs for the general public.”
As quoted by KED, Yoon said GKL will “actively pursue securing its own business site that can serve as a flagship for urban integrated tourism”.