Hong Kong-listed New Silkroad Culturaltainment, operator of the MegaLuck Casino at the KAL Hotel in Jeju, South Korea, has acknowledged described the ongoing impact of the Covid pandemic as being “arduous.”
In its business review for the year 2020, the firm noted in regard to its Jeju casino, “operation at the entertainment venue has been suspended temporarily for most of the time in the last year in order to cope with the epidemic prevention measures of the local government. If the epidemic is not brought under control this year, the business prospect in South Korea is arduous.”
According to Asia Gaming Brief, the firm’s total income in South Korea came to HK$391,000 (US$51,000)—down 99.5 percent from the previous year. The casino closed last year and has yet to reopen.
“If the epidemic is not brought under control this year, the business prospect in South Korea is arduous,” the company stated. “However, the group will continue to implement cost control measures in response to the adverse business environment. The management is closely monitoring and will respond cautiously and adjust the business strategy.”
A planned integrated resort project in Jeju has also ground to a halt. Dubbed Glorious Hill, the project was first touted in 2016 as “one of the largest integrated resort complexes in South Korea” with numerous five-star hotels, commercial and residential properties, healthcare facilities, a theme park and golf courses. More than two years after getting regulatory approval to start development, New Silkroad has yet to break ground on the project.
