Paradise Co., the nation’s largest private casino industry firm, is facing a deep audit of its finances from the South Korean tax authorities, right at a time it is dealing with cash flow challenges.
Responding to accusations that its practical regulation has been lax, the authorities of Jeju local government are hiring additional experts to allow it to take a more direct hand in monitoring the gaming equipment of the eight local casinos.
Grand Korea Leisure has reported that its casino sales were down nearly 70 percent in October compared with the same month in 2019, though there has been some improvement on a month-to-month basis.
Executives of Lotte Tour Development have told the local press that they are ready to move forward with the opening of Jeju Dream Tower soon after they receive their permit from fire safety officials, which could come at any time.
Jeju Dream Tower missed its October target for opening and the date that it will open remains unclear, in part because the facility has yet to be certified as safe by the fire department.
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.