The leading operator of foreigner-only casinos in South Korea, Grand Korea Leisure Co Ltd (GKL), has announced the extension of the closure limit of its two casino sites in Seoul and one in Busan, respectively, until February 1, 2021, for the customers. The casino establishments were scheduled to restart their services from January 18, 2021, but the recent government controls have pushed the closure period by two extra weeks. The casinos suspended their operations to deal with the COVID-19 crisis.
The GKL venues forced to remain close for the two-week extended period are Seoul-based Gangbuk Hilton and Gangnam COEX, working under the Seven Luck brand, and Busan Lotte situated in Busan port city. The two Seoul casinos’ operations have been on halt since November 24, 2020, whereas the Busan venue has been locked since December 1, 2020, for the casino fan cluster.
According to the recent report in its filing on Monday, the firm stated that the prime cause for the closure of the casinos was the renewal of the COVID-19 social-distancing rules in the country. The South Korean government has extended the Level 2.5 distancing measures till January 31 in the Greater Seoul region. The Level 2 guidelines shall be imposed on the remaining cities of the country for the same extended time.
The long closure of casino establishments has caused major losses for the Grand Korea firm. In its latest report to the Korea Exchange, the entity revealed that it has accumulated an increase in losses owing to the fall in its net sales volume. The loss value pooled to KRW27.05 Billion in comparison to KRW21.5 Billion earlier estimate. These figures are derived from the daily average net sale volume of the firm from July to September. The ongoing pandemic crisis has given a major jolt to the global casino industry, with the top brands struggling to restart their operations quickly.
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Source: Grand Korea Casinos’ Closure Extended Until February 1