Kim Hyun-yong, a researcher at Hyundai Motor Securities, explained to the local media that there was little chance for Grand Korea Leisure, which depends on foreign patrons for its casinos, could reach the break-even point this year, and that operating losses will continue.
Accusations have been aired in the National Assembly that certain companies are unfairly being given contracts to supply Kangwon Land casino equipment.
The management Jeju Shinhwa World is locked in an increasingly bitter dispute with its employee labor union over allegedly deteriorating worker conditions and interference in protected labor union activities.
Both Caesars Korea and Mohegan’s Inspire Resort have suspended construction of their facilities in Incheon for months, with no word on when the building will continue. The outlook for the Caesars IR is particularly cloudy.
Jeju Special Self-Governing Province is requesting public and private financial assistance to the island’s casino industry as the economic grind from the Covid-19 pandemic is threatening to devastate the eight casinos, creating unemployment and a reduction in tax revenues.
Kangwon Land’s degree of commitment to identifying and eliminating problem gambling at its facility has been questioned after it is revealed that only 82 patients have been treated over a five year period, in spite of a significant annual budget for this task.
Paradise Co Ltd says its KRW100 billion (US$87.3 million) bond sale was to raise liquidity during the Covid-19 crisis, while it's also working to control costs and restructure.
Kim Hwang-kok of the People Power Party, who is a member of the Jeju Special Self-Governing Council, says that the impact assessments for the new or expanded casinos on this island need to be revised to take into account more factors than simply their projected economic effects.