Dec 01, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck
Grand Korea Leisure Co Ltd, (GKL) an operator in South Korea of foreigner-only casinos, has confirmed in a Tuesday filing that its Busan Lotte venue will also be shut due to efforts to limit the spread locally of the coronavirus that causes Covid-19.
The new shutdown took effect from 12am on Tuesday, and runs until 9am on December 15.
Grand Korea Leisure had said in a November 22 filing to the Korea Exchange that Gangnam Coex Seoul and Gangbuk Millennium Seoul Hilton – two resorts in the capital Seoul’s metropolitan area – would be closed from 12am on November 24 until 9am on December 8 for the same reason.
That was part of a wider shutdown of casino business in greater Seoul as a Covid-19 countermeasure.
As a result of the Busan shutdown, the firm also upped its estimate from the associated economic loss – judged against average daily net sales for the July to September period – to KRW5.5 billion (US$5 million) from KRW5.1 billion.
The updated figure covers the closure of the two Seoul properties from 12am on November 24 until 9am on December 8, and the closure of Busan Lotte from 12am on Tuesday until 9am on December 15.
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”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”
DS Kim and Mufan Shi
Analysts at brokerage JP Morgan Securities