Grand Korea Leisure (GKL) was presented the $400 million Tourism Promotion Tower Award at a ceremony to celebrate the 39th anniversary of Tourism Day in Seoul on Sept. 27.

GKL, a subsidiary of the Korea Tourism Organization (KTO) and the operator of the foreigners-only Seven Luck Casinos, has been credited with contributing to the development of the Korean tourism industry and earning foreign currency by attracting 1,428,000 casino clients to Korea and posting 544.1 billion won ($471.27 million).

The foreign casino market has immense spillover effects for transportation, accommodation, food & beverage, and other businesses related to the domestic tourism industry. The spillover effects to production are crucial for the national economy, income, employment, and added value. The value of $400 million is equivalent to exporting 20,000 medium-sized automobile units or 3.48 million smartphones, 150 million semiconductor chips, or 196,000 LCD TV sets. The foreign currency proceeds rate for casinos stands at an estimated 94 percent, higher than 71 percent for automobiles, 52 percent for mobile phones, and 43 percent for semiconductors.

A GKL official said GKL is forecast to chalk up 570 billion won in sales beyond the $500 million mark and 160 billion won in operating profits during the whole of the year thanks to a surge in Chinese tourists. 

GKL President Ryoo Hwa-sun said, “We need to have a bigger pie and undergo a sea change, and we should win the competition.” To do so, he said, GKL executives and staff members should offer words of encouragement to each other and do their best.

Three Seven Luck casinos have already established themselves as leaders of the Korean casino market in a little more than two years after their debut. 

GKL opened the Seven Luck Gangnam outlet in southern Seoul in January 2006, the parlor in the Millennium Seoul Hilton in May 2006, and the parlor in the Busan Lotte Hotel in June 2006. The company has grown fast, posting 129.1 billion won in sales in the initial year and more than two-and-a-half times that number to 325.1 billion won in 2007.

GKL’s three operations employ 1,600 people and attract a combined 1.5 million to 1.6 million clients annually. 

The domestic casino market has been ballooning thanks to the opening of Seven Luck’s parlors, which are contributing to exploring new markets and reinvigorating the domestic casino market, yet are not encroaching on the existing pie. 

GKL Inaugurates Free-Style Ski Team

Grand Korea Leisure has inaugurated a freestyle ski team, becoming the first Korean company to do so since PyeongChang was awarded the right to host the 2018 Winter Olympic Games. 

Toby Dawson, an American mogul skier and 2006 Winter Olympics bronze medal winner, has been selected as the manager of the team, which is composed of Horie Kaju, a Japanese coach, national team representatives Suh Jung-hwa, 23, and Suh Myung-joon, 21, and sponsored skiers Choi Jae-woo, 19, Suh Ji-won, 19, and Kim Ji-hun, 18.

The inauguration of the freestyle ski team is designed to invigorate the Winter Olympic sport, which now badly needs support following PyeongChang’s winning the right to host the 2018 Winter Olympics. The ski team said it will spare no efforts in grabbing the first gold medal in the skiing sport during the 2018 Winter Olympics in cooperation with the Korea Ski Association and other related organizations.