South Korea’s largest casino operator still hasn’t emerged from its second pandemic lockdown while its nearest rival struggles to regain its pre-pandemic form.
This past weekend, the Kangwon Land casino once again extended its pandemic shutdown, this time until 6am on Monday, October 12. The venue has been optimistically posting (and missing) reopening dates since it was forced to shut on August 23, the second time the property has turned out the lights since its initial shutdown in February.
The company said Sunday that this most recent shutdown has deprived it of around KRW62.7b (US$54m) in revenue, and that’s on top of the hundreds of millions of dollars it didn’t earn during the original shutdown and the temporary restart of VIP operations in May. The casino now expects its FY20 revenue will fall 67% from 2019 to KRW498b ($430m).
Kangwon Land is the only Korean casino that accepts local gamblers, which allows it to boast annual sales that surpass the other 16 foreigner-only casinos combined. But that privilege comes at the cost of greater scrutiny of issues such as problem gambling and, as the casino has discovered, protecting citizens from infectious diseases.