Casinos meant for the foreign nationals in the island of , South Korea, are on the verge of bankruptcy.
The Tourism Association announced 2,746 guests visited the island in June, with lesser numbers in May and April. It’s an almost 99% drop in visitors compared to the previous year and is a direct impact of the COVID-19 pandemic.
The island has eight casinos, four of which are temporarily closed down, and the remaining operate with reduced working hours and staff.
The casinos earned only KRW4.8bn ($4m) in monthly gross sales in March, KRW5.9bn in April and KRW3.6bn in May, an almost 30% drop compared to the previous year.
Casinos in Juju island are not the only ones losing money.
Grand Korea Leisure reported a 66% drop in casino sales for the month of July, earning KRW14.19bn. The earnings rise by 14% compared to KRW12.48bn in June.
The casino experienced a 68% drop in table game sales to KRW11.67bn compared to 2019.
EGM sales went down by 47% to KRW2.53bn. Table drop brought in KRW101.89bn, 6% less than in June.
The casino sales for H1 2020 fell by 45% year-on-year earning Grand Korea Leisure KRW147.26bn. Table drop brought in KRW1.08 trillion ($904m)
Dropping numbers for Grand Korea Leisure can also be attributed to the global pandemic and ongoing travel and operational restrictions.