Apr 03, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  
Kangwon Land, the only casino resort in South Korea where the country’s nationals are allowed to gamble, has decided to extend – for a sixth time – the temporary closure of its gaming venue. It now says it will reopen at 6am on April 20, a date which would signify the resort having almost two months of suspension for its gaming business.
The initial casino closure notice was described by the resort’s promoter, Kangwon Land Inc, as a precautionary measure related to the Covid-19 pandemic, which has severely affected the country.
Kangwon Land Inc had originally announced a temporary closure of the casino from noon on February 23 until 6am on February 26, and then extended that on five consecutive occasions, the latest extension running until Monday (April 6).
The firm said in a Friday filing – at the time it flagged the sixth extension to the closure – that it was anticipating its lost casino sales to amount to KRW209.6 billion (US$171.9 million) from the start of the casino closure on February 23. The estimate was based on Kangwon Land’s daily casino revenue in full-year 2019, added the scheme’s promoter.
The company had previously flagged a closure of its non-gaming operations from March 2 until March 22. Non-gaming facilities at the complex were to open gradually, depending on the evolution of the Covid-19 disease in South Korea, stated Kangwon Land Inc in Friday’s filing.
At least two South Korean operators of foreigner-only casinos – namely Grand Korea Leisure Co Ltd and Paradise Co Ltd – had also announced they were temporarily closing down their gaming operations until Monday (April 6), in line with the country’s effort at curbing the further spread of the Covid-19 pandemic.
As of Thursday, South Korea had recorded an aggregate of 10,062 cases of Covid-19 infection and 174 deaths, according to the Korea Centers for Disease Control and Prevention. The country – the third hardest-hit nation in Asia after China and Iran – reported 86 new cases on Thursday, according to the latest official data.
Jun 07, 2023
Jun 05, 2023
Jun 09, 2023
Jun 09, 2023
Jun 09, 2023
None of Macau’s six gaming concessionaires have so far applied for a form of “exemption” from the full 40-percent tax rate on casino gross gaming revenue (GGR), as potentially applicable...Jun 09, 2023
Commercial opportunities for utilisation of...Jun 08, 2023
Gaming content and equipment maker Konami says it is...Jun 07, 2023
Casino gaming content and hardware provider Light &...Jun 06, 2023
Electronic table games (ETGs) supplier Interblock dd is...Jun 05, 2023
Random number generator (RNG) testing tools are among the...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders”
Marco Sala
Executive chair of casino equipment supplier IGT