With the advent of the deadly coronavirus back in 2020, the fast-growing casino industry in South Korea has come to a standstill as it recorded a sharp decrease in the number of visitors and customers from overseas. The pandemic has hit the business verticals worldwide significantly, and the official reports reflect plummeting cumulative figures for the top-rates casinos.
The data released on Monday showed the losses accumulated by some of the most popular and top-tier casino establishments in the country. In 2020, Kangwon Land Inc., a leading casino operator in the state, had to bear an operating loss of 431.6 Billion Won from the business functions. The sales volume dropped by 68.5% to reach 478.6 Billion Won. The casino, however, pooled a juicy profit of 501.2 Billion in 2019 by the reputed team.
A similar data was released for another leading casino hub, the Grand Korea Leisure Co. (GKL), that had an operational loss of 88.8 Billion Won standing in contrast to the 96.8 Billion Won profit year before it. The sales reached 184.5 Billion Won causing a 62.4% loss. The firm runs three foreigners-only casino centers in Busan and Seoul under the name of Seven Luck. The figures shown by the Paradise Group, a private casino operator, are also quite alarming as its 51.9 Billion Won profit in 2019 plunged to a loss of 86.2 Billion Won in 2020. The brand operates four casinos in important South Korean states, including Seoul, Busan, Jeju, and Incheon.
The government’s social distancing norms resulted in big losses for casino firms. The guidelines forced the establishments to shut stop their operations for an indefinite period. The dipping figures of profits triggered the operators to deduce their employees. Kangwon Land removed about 3,713 employees or 28% of its total workforce during this crisis. The pandemic is on the rise, and with such aggravating conditions, it is likely to leave an everlasting impact on the business hub.
The post Data Shows Huge Losses in 2020 for South Korean Casinos appeared first on TimesOfCasino.
Source: Data Shows Huge Losses in 2020 for South Korean Casinos