Coronavirus consequences for Grand Korea Leisure Company Limited

South Korean casino operator Grand Korea Leisure Company Limited has reportedly announced that its aggregated gross gaming revenues for September fell by 76.5% year-on-year to approximately $8.12 million as a direct result of the ongoing coronavirus pandemic.

According to a report from Inside Asian Gaming, the Seoul-headquartered firm used an official filing to reveal that the result for the 30-day month represented a decrease of 26.2% when compared with August’s finishing tally of about $11.02 million and took its nine-month total down by 53% year-on-year to some $146.31 million.

Ruinous reversal:

Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization, which is affiliated with the nation’s Ministry of Culture, Sports and Tourism, and is responsible for a trio of Seven Luck Casino-branded venues in the cities of Seoul and Busan. The source reported that the September result was the worst the firm has recorded since re-opening these foreigner-only properties on May 6 following a month-long shutdown triggered by the coronavirus pandemic.

Pervasive anxiety:

The casino firm moreover detailed that September aggregated receipts from its extensive estate of gaming tables had declined by 77.5% year-on-year to around $6.74 million with associated machine sales having tumbled by 69.8% to just $1.38 million. The operator purportedly furthermore pronounced that these figures had signified drops of 29.2% and 7.1% when compared with August and were indicative of widespread nervousness on the part of its clientele with regards to entering a gambling establishment during a global pandemic.

Relevant relation:

South Korea was one of the first nations to be hit by the coronavirus pandemic and has so far recorded 425 deaths directly linked to the highly-contagious contagion including three in the last few days. Although the country of some 51.7 million people experienced a second wave of infections beginning from the middle of August, this uptick has since begun to level off with the number of active local cases currently standing at 1,734.