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At a time when casino operators around Asia are either starting to see their fortunes rise or preparing for better days ahead as vaccines begin rolling out across the globe, there is reason for ongoing concern in South Korea. The East Asian nation is home to 17 casinos – eight in Jeju and nine on the mainland – and of those only one, Kangwon Land in remote Gangwon Province, permits locals to gamble. The remaining 16 – of which Paradise Co and Grand Korea Leisure dominate the market – are foreigner-only operations and, as such, at the mercy of international tourism and regional consumer sentiment. Naturally, these 16 casinos have been devastated by COVID-19 and the closure of international borders, with Paradise reporting in late February a loss of almost US$100 million for FY2020. But there were worrying signs even before COVID-19 hit. Paradise, operator of three casinos in Seoul ....
Closure of Grand Korea Leisure Co Ltd’s (GKL’s) two foreigner-only casinos in Seoul, capital of South Korea, as a Covid-19 countermeasure, is to continue until 9am on March 15, the firm said in a Friday filing to the Korea Exchange. The same day, South Korea’s Central Disaster and Safety Countermeasure Headquarters said it would extend until March 14, so-called “Level 2” social distancing measures in Seoul, reported local media. Grand Korea Leisure noted on Friday that its expected group loss of casino net sales due to extension of pandemic-precaution closures at two of its venues, had been revised upward, to about KRW42.78 billion (US$38.1 million), compared to its previous estimate of KRW37.68-billion in lost sales. ....
South Korea foreigner-only casinos report 59% turnover decrease for 2020 By Peter Lynch South Korea’s foreigner-only casinos reported turnover of KRW595.4bn (US$534.8m) for full-year 2020, a 59% decrease from the prior-year period. According to data from the Korea Casino Association (KCA), the decline coincided with a 64% decrease in the number of visits to the country’s 16 foreigner-only casinos. The casinos suffered from several closures due to the pandemic, which began in early 2020. Two major operators, Grand Korea Leisure (GKL) and Paradise Co Ltd, both closed the doors to their Seoul properties throughout the year and indeed into 2021. The former shut down operations on its two venues in the city on 24 November, initially to be reopened on 15 February. That has since been extended to 1 March. GKL’s Busan casino meanwhile was temporarily shut down on 1 December. The latter reopened its Seoul venue on 4 January, having been closed since 15 Decembe ....
February 17, 2021, 3:48 pm · Grand Korea Leisure extended the closure period of its Seoul casinos, Gangnam COEX and Gangbuk Millennium Seoul Hilton. The South Korean foreigner-only casino operator announced that the facilities are expected to open on March 1. This week Seoul’s government announced lowering the COVID-19 alert level for Greater Seoul area from Level 2.5 to Level 2. However, the GKL properties seem to not be ready to open right away. The two Seoul casinos shut doors on November 24 and have been inactive for almost three months now. The closure was caused by the high Covid-19 alert and the spike in positive cases. ....
GGRAsia – Kangwon Land casino reopens, GKL with Busan ops ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.