South Korea – Kangwon Land closes for almost a week due to CoronavirusBy Phil - 26 February 2020
South Korea’s Kangwon Land, the only venue where locals are allowed to play, will close its doors for almost a week due to the Coronavirus.
Management confirmed that an initial 24 hour closure would be extended to a six day closure ‘due to the nationwide spread of COVID-19.’
JP Morgan said: “The question remains if foreigner-only casinos will follow suit, though the possibility would not seem high as their utilisation rates are typically less than half of Kangwon’s anyway.”
JP Morgan is forecasting a four per cent year-on-year decline in revenue at Kangwon Land in the first half of the year. It generated GGR of KRW362bn (US$308.4m) in the first quarter of 2019.
It added that given the ‘sudden and substantial increase in infected cases,’ there could be further downside risks for economic growth.
South Korea has seen 1,146 reported cases of the infection from only 51 a week ago.