Grand Korea Leisure (GKL), the state-run operator of foreigner-only casinos in South Korea, has reported a significant drop in casino revenues for the month of July. According to the latest figures released by the company, total casino revenue for the month stood at KRW 25.8 billion (US$22 million), marking a steep decline of 48% compared to the same period last year.
This sharp drop in revenue can be attributed to a variety of factors, including the ongoing impact of the COVID-19 pandemic on the tourism industry, as well as increased competition from other gaming destinations in the region. GKL operates three casinos in South Korea, including the flagship Seven Luck Casino in Seoul, as well as properties in Busan and Gangnam.
The decline in revenue comes as a blow to GKL, which had been hoping for a rebound in business following the easing of travel restrictions and the gradual reopening of the country’s borders to international tourists. However, the resurgence of COVID-19 cases in the region has led to renewed concerns about the safety of travel, leading to a decrease in visitor numbers to the casinos.
In response to the drop in revenue, GKL has announced plans to implement cost-cutting measures and reduce expenses in order to offset the impact of the decline in business. The company is also looking to diversify its offerings and explore new revenue streams in order to mitigate the effects of the challenging operating environment.
Despite the challenges facing the company, GKL remains optimistic about its long-term prospects and is committed to providing a safe and enjoyable gaming experience for its customers. The company has implemented strict health and safety protocols at its casinos to protect both visitors and staff, and is working closely with local authorities to ensure compliance with all government regulations.
Looking ahead, GKL is hopeful that the situation will improve in the coming months as vaccination efforts continue and travel restrictions are gradually lifted. The company is confident that it will be able to weather the current storm and emerge stronger on the other side, ready to welcome back visitors and reclaim its position as a premier gaming destination in Asia.
