Casinos won’t receive the loan that government offered to all the business impacted by the Coronavirus crisis.<\/p>\n\n\n\n\n\n\n\n
South Korea.- While the spread of coronavirus continues to impact South Korea, measures are being taken to face the crisis. The government is currently delivering relief loans to support businesses that were severely beaten by this situation, mainly related to tourism, such as culture and leisure activities.<\/p>\n\n\n\n
But according to local press, casinos have been left out of the government\u2019s relief loans despite their hefty contributions of 10 per cent of sales every year.<\/p>\n\n\n\n
The Ministry of Culture, Sports and Tourism on Wednesday last week had allocated US$79 million for special loans from its Tourism Promotion Fund, but nothing for casinos, which are struggling to pay their bills as the COVID-19 outbreak has taken a devastating toll on the 2.73 trillion-won casino industry, which was responsible for 10.5 per cent of sales of South Korea\u2019s tourism industry in 2017.<\/p>\n\n\n\n
\u201cHow are we supposed to pay when there are no customers?\u201d, complained an official from the Korea Casino Association. \u201cAfter decades of contributions, we have been excluded from the special loans at this time of crisis. There is no support from the government at all. We are planning to file a request for delaying the payment.\u201d<\/p>\n\n\n\n
In response, the Culture Ministry said the special loans were aimed at small businesses.<\/p>\n\n\n\n
\u201cThe special loans are for small travel agencies and accommodation businesses that cannot provide collateral for loans,\u201d said an official from the ministry.<\/p>\n","protected":false},"excerpt":{"rendered":"
Casinos won’t receive the loan that government offered to all the business impacted by the Coronavirus crisis.<\/p>\n","protected":false},"author":2,"featured_media":4739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Korean casinos have been excluded from government COVID-19 relief loans, despite their substantial economic contributions and the severe impact of the pandemic on the 2.73 trillion-won industry. The Ministry of Culture, Sports and Tourism stated the US$79 million fund is for small businesses, leaving casinos, represented by the Korea Casino Association, to face significant operational challenges and consider payment delays.","focusai_entities":"Ministry of Culture, Sports and Tourism, Korea Casino Association","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), payments_fraud_aml (0.7), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Policy Reconsideration?","query":"What specific criteria does the Ministry of Culture, Sports and Tourism use to define 'small businesses,' and what is the likelihood of a policy re-evaluation given the casino industry's significant GGR contribution and employment impact?"},{"label":"Financial Impact Analysis?","query":"What is the projected NGR decline for South Korean casinos in Q2\/Q3, and what are the potential long-term solvency implications for operators without government liquidity support?"}],"footnotes":""},"categories":[160,157,16338],"tags":[29,152],"class_list":["post-4735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-east-asia-news","tag-casino","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4735","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=4735"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4735\/revisions"}],"predecessor-version":[{"id":21953,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/4735\/revisions\/21953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4739"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=4735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=4735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=4735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}