{"id":18303,"date":"2021-05-26T15:57:57","date_gmt":"2021-05-26T15:57:57","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=18303"},"modified":"2026-04-23T19:11:26","modified_gmt":"2026-04-23T22:11:26","slug":"south-korea-gkl-casino-venue-to-be-demolished-after-sale","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-korea-gkl-casino-venue-to-be-demolished-after-sale","title":{"rendered":"South Korea: GKL casino venue to be demolished after sale"},"content":{"rendered":"\n<p>The Millennium Hilton Seoul Hotel which hosted the GKL Seven Luck Casino will be replaced by an office building.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.- <strong>The Millenium Hilton Seoul Hotel<\/strong>, which hosted <strong>Grand Korea Leisure\u2019s Seven Luck casino<\/strong>, is to be demolished following its sale. <\/p>\n\n\n\n<p>The venue was sold to <strong>Aegis Asset Management<\/strong>, a domestic real estate fund manager, due to the impact of the\u00a0<strong>Covid-19 pandemic on tourism.<\/strong><\/p>\n\n\n\n<p>Aegis plans to<strong>\u00a0build an office building on the site, <\/strong>but it has not yet revealed more details. It is\u00a0<strong>still unknown if the casino will be relocated<\/strong>.<\/p>\n\n\n\n<p><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/gkl-casino-posts-losses-of-us33-4m-for-q1\" rel=\"noreferrer noopener\">Grand Korea Leisure<\/a>&nbsp;(GKL) has recently reported a net loss of KRW37.43bn (US$33.4m) for the first quarter of 2021.<\/p>\n\n\n\n<p>GKL revealed<strong>\u00a0<\/strong>that\u00a0<strong>sales in the first quarter dropped by 95.3 per cent<\/strong>\u00a0year-on-year and 64.7 per cent quarter-on-quarter.<\/p>\n\n\n\n<p>The casino operator&nbsp;<strong>suspended all of activities in November 2020&nbsp;<\/strong>due to the Covid-19 pandemic. Seven Luck Casino Busan Lotte in Busan reopened in February, while the operator\u2019s&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/grand-korea-leisure-reopens-seoul-casinos\" rel=\"noreferrer noopener\">Seoul venues reopened<\/a>&nbsp;in March.<\/p>\n\n\n\n<p>In 2020,&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/south-korean-casinos-visits-down-71-3-in-2020\" rel=\"noreferrer noopener\">South Korean casinos<\/a>&nbsp;received&nbsp;<strong>only 1,760,232 visits<\/strong>, down from 6,128,952 in 2019. Gambling cash turnover was&nbsp;<strong>down 64.5 per cent<\/strong>&nbsp;when compared to the previous year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Millennium Hilton Seoul Hotel which hosted the GKL Seven Luck Casino will be replaced by an office building.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Millennium Hilton Seoul Hotel, host to GKL's Seven Luck Casino, is slated for demolition and redevelopment into an office building following its sale to Aegis Asset Management, driven by the severe impact of the Covid-19 pandemic on tourism. Grand Korea Leisure (GKL) reported a net loss of KRW37.43bn in Q1 2021, with sales plummeting over 95% year-on-year, underscoring the significant operational and financial challenges faced by the state-owned operator.","focusai_entities":"Millennium Hilton Seoul Hotel, GKL Seven Luck Casino, Grand Korea Leisure, Aegis Asset Management, Seven Luck Casino Busan Lotte","focusai_location":"South Korea, Seoul, Busan","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GKL Relocation Strategy?","query":"What are Grand Korea Leisure's contingency plans for the Seven Luck Casino's operations, including potential relocation sites or alternative operational models, given the current uncertainty surrounding the Millennium Hilton Seoul site?"},{"label":"Market Recovery Outlook?","query":"How does GKL's Q1 2021 financial performance compare to other regional integrated resort operators, and what specific government support or market recovery strategies are being implemented to mitigate further losses and stimulate tourism in South Korea?"}],"footnotes":""},"categories":[157,16338],"tags":[17025,23907],"class_list":["post-18303","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-grand-korea-leisure","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18303","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=18303"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18303\/revisions"}],"predecessor-version":[{"id":18328,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18303\/revisions\/18328"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=18303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=18303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=18303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}