2022-01-26

Grand Korea Leisure Organization Restricted inks deal to relocate Seoul casino

Grand Korea Leisure Company Limited inks deal to relocate Seoul casino

In South Korea and neighborhood casino operator Grand Korea Leisure Firm Restricted has reportedly announced that will be relocating the Seven Luck-branded gambling enterprise it runs within the Millennium Hilton Seoul hotel to the nearby Seoul Dragon City Hotelplex improvement.

According to a report from GGRAsia, the Seoul-listed firm employed an official Tuesday filing to detail that the foreigner-only casino is set to be moved sometime just before the 1st day of 2023 and subsequently be run under an initial lease expiring in August of 2032. The supply detailed that the Seoul Dragon City Hotelplex facility, which sits some 2.5 miles south of the Millennium Hilton Seoul complicated, is owned by regional hotel, retail and logistics behemoth Seobu T&ampD Firm Limited and opened in October of 2017 boasting 4 hotels with each other providing well over 1,700 rooms as nicely as a plethora of bar, restaurant and convention amenities.

Most current landlord:

Grand Korea Leisure Organization Limited has reportedly operated the Seven Luck-branded casino within the 22-story Millennium Hilton Seoul for over 15 years with the 30,569 sq ft element presently featuring a selection of some 70 slots alongside about 50 gaming tables. Nevertheless, the organization was purportedly hit with some poor news in Might when the 5-star property previously owned by a branch of Singapore-headquartered investment firm City Developments Restricted was sold to nearby real estate developer Igis Asset Management for roughly $926.five million.

Anticipated annihilation:

GGRAsia reported that the new owner of the 680-area Millennium Hilton Seoul subsequently unveiled plans that are to involve the 38-year-old venue becoming demolished in order to make way for a new office complicated. This impending fate purportedly prompted Grand Korea Leisure Business Restricted to go in search of a new downtown property for the Seoul gambling enterprise that would allow it to sustain its popularity amongst foreign tourists.

Transfer timeline:

Established in 2004, Grand Korea Leisure Company Limited is reportedly also responsible for Seven Luck-branded enterprises inside the Intercontinental Seoul Coex and Lotte Hotel Busan properties. The operator is a subsidiary of the Korea Tourism Organization, which is itself affiliated to the Asian nation’s Ministry of Culture, Sports and Tourism, and purportedly asserted that it would be wrapping up gambling operations inside the Millennium Hilton Seoul just before the end of 2022 in advance of moving every thing more than to the Seoul Dragon City Hotelplex home.

Fiscal fears:

This news is reportedly certain to come as a welcome relief for Grand Korea Leisure Company Limited as the operator has not too long ago been struggling financially owing to the temporary coronavirus-connected shuttering of its properties. The Seoul-headquartered firm purportedly completed 2020 with a deficit in the region of $57.9 million prior to later explaining that its shortfall for the first 3 months of this year had hit around $33.4 million.