South Korea Casinos Remains Closed, Flattening Revenue

south korea casinos

The novel coronavirus infected more than 11 million people worldwide, and it killed more than half a million. The contagion continues with more new cases reported every day.  Businesses continue to suffer declines in revenue because of the fear of everyone going out of their homes.

Casinos around the globe shut down doors to patrons in mid-March and remained closed for nearly three months because of the deadly virus. Loosened restrictions allowed the reopening of casinos in many places. Casinos in the US started opening their doors from late May to recover from their loss during the lockdowns.

However, not all casinos have the clearance to reopen doors. South Korea mandated its casinos to remain closed because of the high cases of coronavirus every day. There was no definite date on when to open the casinos.

Reopening of casinos delayed indefinitely

Kangwon Land board of directors announced last week that the reopening schedule of the casinos would be postponed.  The original plan was to reopen Kangwon Land on Monday, July 13, but it was canceled.

The board announced that they would assess the situation and decide on the reopening on Friday.

The nation’s largest casino closed doors on Friday after novel coronavirus cases spiked. Changes in the reopening plan changed as the novel coronavirus continued to spread. South Korea recorded more than 60 new cases within three straight days.

The fast spread of the disease in the country caused the government to impose stricter regulations.

The government was unable to control the infection rate of the country. Regulators postponed their plan of lifting restrictions on international travel.  South Korea’s casino industry relies mainly on foreign tourism.

On Monday, the Korea Tourism Organization revealed that international tourists in the country fell to 6,111, a massive decline from 1.23 million from last year during the same month. Paradise Co., a casino operator catering needs for foreigners in the country, revealed an 80 percent decline in gaming revenue in June from last year. The revenue in June fell by 53.6 percent compared to figures in May.

Revenue declined continuously

Paradise imposed emergency cost-cutting initiatives in late June. The company convinced one-fifth of its senior management to retire or file long-term leave without pay. Grand Korea Leisure, operator of three foreigner-only casinos in the country, reported the same fate. The drop in their revenues is unprecedented, and recovery is still far.

The shutdowns hardly hit the casino industry in South Korea during the pandemic. The casino suffered losses for consecutive months and continues to lose cash until now. The novel coronavirus continues to rise in Asian nations. South Korea reported more than 13,000 infections, with nearly three hundred deaths.

The gambling industry still sees challenges ahead as they reopen for recovery. Casinos resumed operations following social distancing protocols and capacity limitations.

Casinos around the globe welcomed back guests, but they were mandated to limit players in their table games and slot machines. The restrictions cut revenues of casinos, capping income to nearly half of their pre-coronavirus figures.

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