The South Korean Casino industry is still struggling because of the Coronavirus pandemic. This is because the latest casino shutdowns that began again in November will now extend until January of 2020. The temporary closures were meant as a way to flatten the pandemic curve. However, the holiday season is not helping leading to a record 40 pandemic deaths yesterday. Therefore, Korean Casinos Extend Closure and leading to casino project delays.
According to Korea Wager, after closing in late November, the initial casino closures were to be until December 29, 2020. However, the GKL chose to extend the casino shutdown until 2021. They said it is to allow casinos to better prepare for safety measures to prevent the spread of the Coronavirus.
Korean Casinos Extend Closure and Delays Casino Project
According to online casino news, the first casino announcement was made by Korean Casino Operator, Grand Korea Leisure Company Ltd. They will be extending their temporary closure to its three casinos for 6 more days. However, they expect to be open again by January 5 if all goes well.
Grand Korea Leisure operates casinos for foreigners in the Millennium Hilton Seoul, Intercontinental Seoul Coex and the Lotte Hotel Busan. Furthermore, the official filing to temporarily close was done on Monday after the upgrade to Seoul rising to 2.5. Unfortunately, this will come at a heavy financial price as they expect to lose $2.19 million in sales. Thus, they expect to see an overall loss because of the coronavirus to be about $14.62 million.
However, they are not the only Korean Casinos that will experience heavy losses this year. Paradise Company Ltd. Made a similar announcement. This is because their Grand Walkerhill Seoul hotel casino will remain shut for another 6 days.
Meanwhile, this has brought about several other problems for the casino industry in South Korea. Thus, they are also seeing delays in casino project. According to Casino Forums, Mohegan Gaming and Entertainment said it would delay the opening date of their Inspire Entertainment Resort. Therefore, the expensive Mohegan Incheon project will open in early 2023 instead of 2022.
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