South Korean foreigner-only casino operator Grand Korea Leisure says it expects a loss of casino net sales to the tune of KRW5.1 billion (US$4.6 million) from its latest COVID-forced closure.
GKL confirmed on Monday that it would suspend operations at its two Seven Luck-branded casinos in the capital city of Seoul for at least two weeks after the Seoul Metropolitan Government raised the city’s alert level to Level 2 due to another increase in daily COVID-16 infections. The company’s casinos at Gangnam COEX and Gangbuk Millenium Seoul Hilton closed at midnight on Monday evening and will at this stage reopen at 9am on Tuesday 8 December.
In an update, GKL said Tuesday that it expects to record the KRW5.1 billion loss in net sales during the closure period based on average daily net sales from July to September 2020. It had previously reported a 49.4% sequential increase in casino sales to KRW34.76 billion (US$31.1 million) in the three months to 30 September 2020, improved from KRW23.26 billion (US$20.8 million) in 2Q20.
Under Seoul’s Level 2 restrictions, small businesses are limited to a maximum 100 people on site at any one time with public facilities limited to 30 people and sporting events to 10% of normal capacity.
Schools and kindergartens are also subject to an attendance cap of one-third capacity, while nightclubs and entertainment venues must close. Restaurants are allowed to operate until 9pm after which time only takeaway and delivery services can be made available.
South Korea reported 349 more cases on Tuesday, taking the national tally since the start of the pandemic to 31,353.
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