Ltd. has announced that it will relocate its Seven Luck-branded gambling company, which operates inside the Millennium Hilton Seoul Hotel, to the development of the nearby Seoul Dragon City Hotel Complex.
According to a report by GGRAcia, the Seoul-listed company used an official file on Tuesday that the foreign-only casino will be relocated before 1st 2023 and will then operate on initial leases that expire in August 2032. The sources said the Seoul Dragon City Hotel Flex facility, located about 2.5 miles south of the Millennium Hilton Seoul complex, is owned by local hotels, retailers and logistics companies and provided a limited hotel offering more than 1,700 rooms in October 2017.
Recent homeowners:
Grand Korea Leisure Limited has reportedly operated the Seven Luck brand casino within Millennium Hilton Seoul for more than 15 years with a 30,569 square foot element that currently selects about 70 slots along with about 50 game tables. However, the company reportedly heard bad news when a five-star property previously owned by a branch of the Singapore-based investment firm was sold to local property developer Egrease Asset for about $26 million.
Expected Extinction:
The new owner of 680-room Millennium Hilton Seoul has announced plans to demolish a 38-year-old site to build a new office complex, GGRAcia reports. The impending fate has prompted the Grand Korea Leisure Company to find a new downtown area for the Seoul gambling company, which can reportedly remain popular among foreign tourists.
Transfer Timeline:
Founded in 2004, Grand Korea Leisure is also known to be a Seven Luck brand company in InterContinental Seoul COEX and Lotte Hotel Busan accommodation, and the operator itself is a subsidiary of the Korea Tourism Organization under the Ministry of Culture, Sports and Tourism.
Financial concerns:
The news is a welcome news for Grand Korea Leisure Limited, as the operator has been struggling financially due to the recent closure of temporary properties related to COVID-19. The Seoul headquarters later reportedly concluded 2020 solidly in a region of $57.9 million, before explaining that it posted a deficit of about $333.4 million in the first three months of the year.
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