GGRAsia – Kangwon Land casino closes again on S. Korea virus spike

Kangwon Land casino closes again on S. Korea virus spike

Aug 24, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

The promoter of Kangwon Land (pictured), the only casino resort in South Korea where the country’s nationals are allowed to gamble, has once more temporarily closed its casino due to Covid-19, this time because of a retightening of the country’s coronavirus prevention measures, it said in a Monday filing.

The gaming area closed from 10am on Sunday, in order to enforce the nation’s “level-two” guidelines for so-called “social distancing”. The closure will last until at least 6am on August 29, stated Kangwon Land Inc.

The casino operator said however that the reopening schedule for the gaming venue would be decided once the firm had reviewed ongoing advice from health officials, and the national situation regarding Covid-19. The company said it expected a revenue loss of about KRW7.5 billion (US$6.3 million), based on the daily average casino sales during the first half of 2020.

Yonhap news agency reported that more than 2,200 Covid-19 cases had been identified in South Korea, over a nine-day period up to Saturday.

The news outlet said that the level-two rules meant that venues deemed as “high-risk”, including karaoke parlours, nightclubs, Internet cafes and buffets, must close. Indoor gatherings of 50 or more people and outdoor events involving 100 or more people are prohibited under the protocol.

Kangwon Land closed its casino in late February due to the spread of Covid-19 infections in South Korea.

It resumed some casino operations in May, but only for VIP areas, rather than the main floor. In late May, the resort’s operator had said it was again delaying the relaunch of the mass-market floor.

Kangwon Land Inc reported a loss of KRW45.56 billion in the second quarter, compared to a KRW50.94-billion profit in the prior-year quarter. The latest quarterly result was still an improvement from the KRW156.1-billion loss recorded in the first three months of 2020, according to an August 11 filing.

The Kangwon Land resort is about 150 kilometres (93 miles) from the country’s capital Seoul.