GGRAsia – GKL ups sales loss tally as Seoul venues stay shut to Mar 15

GKL ups sales loss tally as Seoul venues stay shut to Mar 15

Mar 01, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck

Closure of Grand Korea Leisure Co Ltd’s (GKL’s) two foreigner-only casinos in Seoul, capital of South Korea, as a Covid-19 countermeasure, is to continue until 9am on March 15, the firm said in a Friday filing to the Korea Exchange.

The same day, South Korea’s Central Disaster and Safety Countermeasure Headquarters said it would extend until March 14, so-called “Level 2” social distancing measures in Seoul, reported local media.

Grand Korea Leisure noted on Friday that its expected group loss of casino net sales due to extension of pandemic-precaution closures at two of its venues, had been revised upward, to about KRW42.78 billion (US$38.1 million), compared to its previous estimate of KRW37.68-billion in lost sales.

The Grand Korea Leisure sites staying shuttered until March 15 are Gangnam COEX, and Gangbuk Hilton in Seoul (pictured in a file photo), operated under the Seven Luck brand. Both venues have been closed since November 24, contributing to the group’s 2020 loss of almost KRW64.33 billion amid the pandemic.

On February 15, the group reopened its Busan Lotte foreigner-only casino in the southern port city of Busan, which had been shuttered since December 1 as a precaution during the pandemic.

As of 12am on Monday (March 1) – and based on data aggregated from January 3, 2020 – South Korea had recorded 90,029 Covid-19 cases, up 355 in 24 hours.

The Ministry of Health and Welfare added that two more Covid-19 related deaths had been reported during the same period, taking the aggregate to 1,605.