Ominous financial warning from South Korea’s Kangwon Land Incorporated


In South Korea and the operator behind Kangwon Land Casino has reportedly detailed that it is expecting to record hefty losses over the next couple of weeks after the government responded to a recent rise in local coronavirus infections by upping the nation’s overall social distancing protocols.

According to a report from Inside Asian Gaming, the revelation from Kangwon Land Incorporated follows the entire country of over 51 million inhabitants being placed under more stringent Level 2 restrictions that limit public gatherings to less than 100 people and further curb the opening hours of restaurants. The source explained that this move comes only two weeks after casinos in and around Seoul were ordered to close due to the region being placed under even more disruptive Level 2.5 controls.

Double disturbance:

Located approximately 93 miles from Seoul in rural Gangwon Province, Kangwon Land Casino is the only casino in South Korea that allows locals to gamble alongside foreign tourists. The 674-room facility was reportedly completely shuttered for an almost eleven-week period from February 23 due to the coronavirus pandemic before being forced to suffer through a similar 50-day closure that was only lifted on October 13.

Pricey problem:

Seoul-listed Kangwon Land Incorporated reportedly used a Monday filing to announce that it is now expecting to lose as much as $920,000 a day owing to ‘increased social distancing related to coronavirus under Level 2’ restrictions. The firm purportedly proclaimed that it arrived at this figure after determining that the most recent closure of Kangwon Land Casino ended up hurting it to the tune of roughly $57.7 million.

Compatriot’s corollaries:

Elsewhere in South Korea and fellow casino operator Grand Korea Leisure Company Limited has reportedly pronounced that it is to keep its Seven Luck Casino-branded venues inside the Millennium Hilton Seoul, Intercontinental Seoul Coex and Lotte Hotel Busan shuttered until at least December 29 owing to the imposition of increased social distancing measures associated with the coronavirus pandemic. A subsidiary of the Korea Tourism Organization, which is affiliated with the nation’s Ministry of Culture, Sports and Tourism, the firm purportedly moreover asserted that it is expecting to lose about $12.5 million in net gaming revenues as a result of this move based on figures for the three months to the end of September.

Source: Worldcasinodirectory, Worldcasinonews

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