S. Korea's Kangwon Land Inc.'s Ominous Financial Warning

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S. Korea's Kangwon Land Inc.'s Ominous Financial Warning

The operator in South Korea and behind the Kangwon Land casino reportedly said in detail that the government expects to post significant losses in the coming weeks after responding to the recent rise in domestic coronavirus infections by raising overall social distancing protocols here.

According to a report by Inside Asian Games, Kangwon Land Inc.'s revelation comes as the nation's more than 51 million residents are subject to stricter two-stage restrictions that limit public gatherings to less than 100 people and further restrict restaurants' business hours. Sources explained the move came two weeks after casinos in and around Seoul were ordered to close because the area was placed under more destructive 2.5 levels of control.

 

Located about 93 miles from Seoul in rural Gangwon Province, Kangwon Land Casino is the only casino in Korea where locals can gamble with foreign tourists. The 674-room facility was reported to have had to undergo a similar 50-day shutdown, which was completely closed for nearly 11 weeks from Feb. 23 before being lifted only on Oct. 13.

 

Seoul-listed Kangwon Land Inc. said in a filing on Monday that it expected to lose $920,000 a day due to restrictions on 'coronavirus-related social distancing under Level 2', which it said reached after it determined the Gangwon Land casino's most recent closure had cost about $57.7 million.


Elsewhere in South Korea and fellow casino operator Grand Korea Leisure Co. reportedly announced it will close its Seven Luck Casino brand venues in Millennium Hilton Seoul, Intercontinental Seoul COEX and Lotte Hotel Busan until at least Dec. 29 due to increased social distancing measures related to the coronavirus pandemic. A subsidiary of the Korea Tourism Organization expects to lose its net tourism culture of about $12 million.  온라인카지노

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