Three-year license extension for South Korea’s Kangwon Land Incorporated

Home » Three-year license extension for South Korea’s Kangwon Land Incorporated

The government of South Korea has reportedly granted Kangwon Land Incorporated a three-year license extension so as to allow the company to continue running the nation’s prestigious Kangwon Land Casino until the end of 2023.

According to a report from GGRAsia, the decision from the country’s Culture, Sports and Tourism Ministry will take effect from Friday morning and is to see the Seoul-listed firm remain responsible for the only casino in South Korea where locals are permitted to gamble alongside foreign tourists. The source detailed that the new license also maintains the venue’s current operating hours as well as its inventory of 180 gaming tables while authorizing it to offer 169 slots and some 1,191 other electronic games.

Disease disturbance:

Located approximately 93 miles from Seoul in rural Gangwon Province, Kangwon Land Casino has reportedly been shuttered since December 8 owing to the ongoing coronavirus pandemic and is now not expected to re-launch casino operations until well into January. The 674-room facility was earlier forced to close for a 21-week period from February 23 owing to the highly-contagious ailment before being hit by an analogous 52-day disruption that was only lifted on October 12.

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Failing financials:

Kangwon Land Incorporated reportedly used an official December 7 filing to pronounce that the most recent coronavirus-related shutdown of Kangwon Land Casino is set to cost it up to $920,000 a day and followed a third quarter in which its associated income dropped by over 131% year-on-year to a deficit of approximately $37.56 million.

Continuing concern:

South Korea was one of the first nations to be hit by the coronavirus pandemic and has so far recorded 59,773 infections for 859 deaths including 20 only yesterday. The continuing presence of the potentially-deadly ailment prompted the government to institute a wide range of more strict public health and social distancing protocols from November 24 that resulted in the closure of the four foreigner-only casinos located in and around Seoul as well as the Seven Luck Casino-branded venue from Grand Korea Leisure Company Limited situated inside the Lotte Hotel Busan.

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