South Korea: New Silkroad reports zero revenue for H1

New Silkroad operates a resort on Jeju Island.
New Silkroad operates a resort on Jeju Island.

New Silkroad has been seriously impacted by the Covid-19 pandemic, recording zero revenue for the first half of the year 2021.

South Korea.- The casino company New Silkroad Culturaltainment has reported zero revenue for the first half of the year due to the lack of tourism and the temporary closure of its venue amid Covid-19 countermeasures.

For the first half of 2020, the company, which operates MegaLuck Casino at Jeju’s KAL Hotel, had reported HK$0.4m in revenue.

It reported a loss of HK$2.1m from its entertainment business for H1 2021, down 58 per cent due to cost containment measures. Administrative and other operating expenses decreased by 32.1 per cent from HK$37.5m to nearly HK$25.5m, mainly due to a decrease in operating expenses for the entertainment business.

The company’s Glorious Hill Integrated Resort development has been delayed due to financing difficulties and strict Covid-19 prevention measures.

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Covid-19 land-based casino New Silkroad