{"id":16375,"date":"2021-03-30T15:56:06","date_gmt":"2021-03-30T15:56:06","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16375"},"modified":"2026-04-23T20:43:53","modified_gmt":"2026-04-23T23:43:53","slug":"south-korea-new-silkroad-reports-us11-8m-loss-for-2020","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-korea-new-silkroad-reports-us11-8m-loss-for-2020","title":{"rendered":"South Korea: New Silkroad reports US$11.8m loss for 2020"},"content":{"rendered":"\n

New Silkroad, which operates a resort on Jeju Island, has reported a loss of HK$92m (US$11.8m) for 2020.<\/p>\n\n\n\n\n\n\n\n

South Korea.- The casino company New Silkroad Culturaltainment<\/strong> has reported a loss of HK$92m (US$11.8m) for 2020<\/strong>. That compares to a loss of HK$80.4m (US$10.3m) in 2019.<\/p>\n\n\n\n

The company, which operates MegaLuck Casino at Jeju\u2019s KAL Hotel<\/strong>, was severely impacted by the drop in tourism and the suspension of its casino operations in Jeju<\/strong>.<\/p>\n\n\n\n

New Silkroad reported that revenue for the year plummeted 99.5 per cent <\/strong>to just HK$400,000 (US$51,000) compared with HK$82.6m (US$10.6m) in 2019.<\/p>\n\n\n\n

The casino operator stated: “If the epidemic is not brought under control this year, the business prospect in South Korea is arduous<\/strong>. However, the Group will continue to implement cost control measures in response to the adverse business environment.”<\/p>\n\n\n\n

New Silkroad was also planning to develop an integrated resort in Jeju<\/strong>, but the project is on pause due to ongoing delays in obtaining financing.<\/p>\n\n\n\n

The project, known as Glorious Hill<\/strong>, was promoted as \u201cone of the largest integrated resort complexes in South Korea\u201d.<\/p>\n\n\n\n

South Korea hit by steep drop in tourist numbers<\/h2>\n\n\n\n

According to The Korea Tourism Organization (KTO)<\/strong>, an average of just <\/strong>9,722 tourists per month have visited South Korea<\/a><\/em> since last April, a 99 per cent decline compared to the 1.33m visitors in January 2020<\/strong>.<\/p>\n\n\n\n

The Ministry of Culture, Sports and Tourism<\/strong> has announced the government will allow\u00a0South Korean casinos to postpone their sales tax payments<\/a><\/em>\u00a0for at least 12 more months.<\/p>\n","protected":false},"excerpt":{"rendered":"

New Silkroad, which operates a resort on Jeju Island, has reported a loss of HK$92m (US$11.8m) for 2020.<\/p>\n","protected":false},"author":176,"featured_media":16376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"New Silkroad Culturaltainment, operator of MegaLuck Casino in Jeju, reported a HK$92m (US$11.8m) loss for 2020, a significant increase from 2019, with revenue plummeting 99.5% due to tourism decline and operational suspensions. The company's integrated resort project, Glorious Hill, is also paused due to financing delays, while the South Korean government has offered sales tax payment postponements to support the struggling casino sector.","focusai_entities":"New Silkroad Culturaltainment, MegaLuck Casino, The Korea Tourism Organization (KTO), Ministry of Culture, Sports and Tourism","focusai_location":"South Korea, Jeju","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Jeju IR Project Viability?","query":"What is the revised timeline and financing strategy for the Glorious Hill integrated resort project, given the current market conditions and capital constraints?"},{"label":"South Korea Market Outlook?","query":"Beyond tax deferrals, what further governmental or regulatory interventions are anticipated to stabilize the South Korean casino market and stimulate tourism recovery?"}],"footnotes":""},"categories":[16338,163],"tags":[23907],"class_list":["post-16375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16375"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16375\/revisions"}],"predecessor-version":[{"id":16406,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16375\/revisions\/16406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16376"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}