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GKL temporarily closes third casino

Grand Korea Leisure Co (GKL), a foreigner-only casino operator in South Korea, announced the closure of the Busan Lotte venue as pandemic cases in the country grows.

koreacasino

The casino, which will be closed until 15 December, belongs to the Seven Luck brand and it’s the third casino the operator has closed.

On November 24, GKL closed two other casinos in Seoul, Gangnam COEX and Gangbuk Millennium Seoul Hilton, which will reopen 8 December. However, the Korea Disease Control and Prevention Agency reported an increasing number of cases in the country, so it’s unlikely the operator will be able to re-open some of its venues, according to the previously released schedule.

The new closure increased the estimated loss for the company, raising the sum from KRW5.1bn to KRW5.5bn ($5m). GKL recently saw an increase in revenues as the casinos started to recover in Q3 with $31.1m in casino sales, but the renewed closures will likely cause a dip.

Inside Asian Gaming reported that another foreigner-only casino operator, Paradise Co, hasn’t made any announcements to close its own venue in Busan. Paradise reported a loss of $14.6m for Q3 due to previous closures.


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