• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GKL seals deal to move Gangbuk casino to Seoul Dragon City

Dec 29, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  


GKL seals deal to move Gangbuk casino to Seoul Dragon City

Grand Korea Leisure Co Ltd (GKL), a South Korean operator of three foreigner-only casinos under the Seven Luck brand, confirmed on Tuesday it would relocate its gaming venue currently at the Millennium Hilton Seoul hotel in Gangbuk in the country’s capital, to Seoul Dragon City Hotelplex, by “January 1, 2023”, according a GKL filing to the Korea Exchange on Tuesday.

The announcement followed a GKL board meeting that day. The alternative site, better known as Seoul Dragon City (pictured), also in the capital, is run by another listed firm, Seobu T&D Co Ltd.

GKL said the two companies would sign a 10-year lease contract on Thursday (December 30). It will run from August 16, 2022, to August 15, 2032.

GKL’s lease on the current Seven Luck Gangbuk site, runs until “December 31, 2022”.

The Millennium Hilton Seoul hotel’s current owner, Singapore-listed City Developments Ltd (CDL) had agreed disposal of that property and the site, to South Korea-listed IGIS Asset Management (IGIS) on December 10, for KRW1.1 trillion (US$926.5 million), according to a spokesperson at IGIS in response to an earlier telephone enquiry from GGRAsia.

The person had added that IGIS would settle the consideration within the first quarter of 2022, and that IGIS would demolish the hotel building for redevelopment, after terminating operation of the Millennium Hilton Seoul on December 31, 2022.

The possible disposal of the Gangbuk site had been reported in May.

GKL went through a public bidding process regarding the Seoul Dragon City site between September 30 and November 10. The firms began talks on a lease contract on December 3.

Seoul Dragon City, opened in October 2017, is 4 kilometres (2.5 miles) south of the Millennium Hilton Seoul hotel. Seoul Dragon City currently hosts four hotel brands: Grand Mercure, ibis Styles, Novotel, and Novotel Suites, offering in total, 1,700 rooms.

GKL is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to the Ministry of Culture, Sports and Tourism. GKL’s other gaming venues in South Korea are Gangnam COEX in Seoul, and the Busan Lotte casino venue in the port city of Busan.


  • tweet
Related articles
  • China demand a boon to S.Korea casinos: brokerage
    China demand a boon to S.Korea casinos:...

    Mar 14, 2023  

  • S.Korea casino op GKL’s February sales soar to US$28mln
    S.Korea casino op...

    Mar 03, 2023  

More news
  • Philippines must strengthen junket AML controls: watchdog
    Philippines must strengthen junket AML...

    Mar 22, 2023  

  • Vietnam’s Hoiana says has several partners to bring biz
    Vietnam’s Hoiana says has several...

    Mar 22, 2023  


Latest News

Philippines must strengthen junket AML controls: watchdog

Philippines must strengthen junket AML controls: watchdog

Mar 22, 2023  

Anti-money laundering (AML) controls in the Philippines’ casino sector need to be strengthened, says an analysis report by the country’s AML watchdog. The body pointed the finger at the junket...
Read More
Vietnam’s Hoiana says has several partners to bring biz

Vietnam’s Hoiana says has several partners to bring biz

Mar 22, 2023  

Jennifer Kartono named chief HR officer of Crane NXT

Jennifer Kartono named chief HR officer of Crane NXT

Mar 22, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We are seriously considering the privatisation of all Pagcor-operated casinos”

Alejandro Tengco

Chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor)



Most Popular

  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau ops getting overseas visitors via private jets: reportMacau ops getting overseas visitors via private jets: report March 21, 2023
  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Casino op SJM 2024 EBITDA to hit US$510mln: Moody’sCasino op SJM 2024 EBITDA to hit US$510mln: Moody’s March 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us