GKL expects US$ 4.6m losses due to new lockdown

GKL expects US$ 4.6m losses due to new lockdown

The casino operator has confirmed the suspension of activities at its gaming venues in Seoul due to the new lockdown mandated by authorities.

South Korea.- Grand Korea Leisure, operator of two gaming venues in South Korea, says it expects to lose KRW5.1bn (US$4.6m) in sales after authorities mandated a new lockdown until December 8.

The Seoul Metropolitan Government has raised the city’s alert level due to an increase in Covid-19 cases. Small businesses will be limited to a maximum of 100 people on site. Nightclubs and entertainment venues have closed, while restaurants will operate until 9pm.

GKL’s casinos at Gangnam COEX and Gangbuk Millenium Seoul Hilton closed at midnight on Monday. It said in a statement that it expects to report a KRW5.1bn loss in net sales during the period of closures based on average daily net sales from July to September 2020.

It previously reported a 49.4 per cent sequential increase in casino sales to KRW34.76bn (US$31.1m) for the three months to 30 September 2020, up from KRW23.26bn (US$20.8m) in Q2.


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