South Korean casino operator Grand Korea Leisure Company Limited has revealed its third-quarter financial results showing a 20.5% increase year-on-year in total revenues to $117.8 million alongside a 22.9% rise in net income to $24.3 million.

Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization, which is affiliated with South Korea’s Ministry Of Culture, Sports And Tourism, and operates three foreigner-only Seven Luck Casino-branded properties inside international hotels in Seoul and Busan.

The Seoul-based operator was established in 2004 with a remit to help attract more foreign tourists to South Korea while enhancing “the international competitiveness” of the local casino industry and reported a 30.4% boost year-on-year in operating income for the three months to the end of September to approximately $30.3 million.

According to a report from GGRAsia, casino operators in South Korea were negatively affected last year due to a decrease in foreign tourists visiting the nation following an outbreak of Middle East Respiratory Syndrome (MERS) while Grand Korea Leisure Company Limited saw its stock decrease slightly last week amid media reports that authorities in China might be ready to curb some outbound tourism.

“Grand Korea Leisure [Company Limited] reported strong visitor traffic from Japan and China but higher labor and compliment costs,” read a statement from brokerage firm Daiwa Securities Group Incorporated cited by GGRAsia. “Management expects Grand Korea Leisure [Company Limited’s] visible and stable earnings growth to continue, supported by an increase in casual gamers from the Asia region and VIP gamers from Japan.”

For the first nine months of the year, Grand Korea Leisure Company Limited declared total revenues of $351.6 million, which represented a 4.5% improvement year-on-year, while its net income for the period was up by 9.4% to nearly $70.5 million alongside a corresponding 11.7% advance in operating income to about $95 million.

“Grand Korea Leisure [Company Limited] aims to diversify the gamer mix into non-Chinese gamers while expanding casino floors at existing sites in Seoul and Busan and ramping up the utilisation rate of casino tables,” read the analysis from Daiwa Securities Group Incorporated. “We expect the company to try to attract more mass-table gamers and casual game players in Asia.”