Grand Korea Leisure expects to lose $31.1m in Seoul shutdowns
All casinos in Seoul (South Korea) metropolitan area were forced to a temporary shutdown on November 24 due to increased COVID-19 cases, and Grand Korea Leisure, the foreigner-only casino operator, stated it expects to lose KRW5.1bn ($4.6m) in net sales.
The company closed its Gangnam COEX and Gangbuk Millenium Seoul Hilton casinos until 8 December. The expected sales loss is based on the average daily from Q3 when the company reported KRW34.76bn in net sales.
Level 2 pandemic counter-measures suspended operations in casinos and at racing events. Among the affected casinos are Paradise Casino Walkerhill Seoul and Paradise City Casino Incheon managed by Paradise Co Ltd. Reportedly, Paradise City suspended operations on Monday to complete anti-epidemic sterilization, but the venue received no further instructions from the company.
However, not all of the country’s casinos are suffering from the renewed shutdowns. According to Asia Gaming Brief, the Kangwon Land casino remains operational with a reservation system of 1,500 patrons per day. Previously, Kangwon Land was closed for the longest period of time out of all the casinos in South Korea, and the company is preparing for significant operating losses.
The Jeju Dream Tower, which was in development since 2008, is predicted to open on 18 December with the Grand Hyatt hotel featuring 1,600 guest rooms.
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