Grand Korea Leisure Co. Ltd. (GKL), which operates foreigners-only casinos in South Korea, announced in a December 3 filing that it expects to post higher revenue losses for December due to the extended closure of its properties, two in the capital city of Seoul, and one in the port city of Busan.
According to GGRAsia, GKL says the three casinos will remain closed until December 29 “to prevent the spread of infectious diseases.” Seoul is going to Level 2.5 under South Korea’s social distancing protocols and Busan remains at Level 2.
Casino revenues dropped 50.6 percent from October to November and declined 87.8 percent judged year-on-year, the firm said in a filing to the Korea Exchange, with closures from November into December that could result in losses of about KRW13.6 billion (US$12.5 million).
The Seoul venues, Gangnam COEX and the Gangbuk Hilton closed on November 24 and were due to reopen December 8. The closure was extended until 9 a.m. on December 29. The Seven Luck Casino at the Busan Lotte Hotel, meanwhile, which closed on December 1 and was due to reopen December 15, will also stay shuttered until December 29.
There is no mandate that casinos in the country close; however, Inside Asian Gaming reported that Paradise Co., operator of Paradise Walkerhill in Seoul and Paradise City in Incheon will keep its gaming halls open for now.
Grand Korea Leisure is a subsidiary of the Korea Tourism Organization, part of South Korea’s Ministry of Culture, Sports and Tourism.
In related news, according to Asia Gaming Brief, South Korea’s only locals casino, Kangwon Land, will remain closed indefinitely. Some casinos on Jeju Island remain open to the public, though the lack of foreign visitors has hobbled operations there as well.
