Grand Korea Leisure South Korean foreigner-only casino operator may have to move its Seven Luck Casino from Gangbuk Millennium Seoul Hilton after revealing that the hotel was sold to a real estate fund manager.
According to local media reports, the Millennium Hilton Seoul Hotel will be torn down by its new owner, Aegis Asset Management, and replaced with an office building – part of a growing trend in the South Korean capital city of demolishing old hotels to make way for newer and larger developments.
Located at the foot of Nam Mountain, it has been operating for over 40 years but has struggled lately due to the decline in Chinese and Japanese travellers following the THAAD missile crisis and COVID-19.
The five-star, 700-room hotel has long been a favourite meeting spot for politicians and businessmen.
As well as being home to one of GKL’s three casinos, it is also home to one of their two other casinos in Seoul, Gangnam COEX, and the Seven Luck Casino in Busan Lotte. There is no word yet on whether or not the company will find a new home for the affected casino.
It was only in mid-March that the Seven Luck Casino at Gangbuk Millennium Seoul Hilton reopened after its latest closure due to COVID-19. Its three casinos suspended operations in late November or early December, with Busan opening in February and both Seoul casinos a month later.
According to reports, the pandemic caused a loss of KRW64.3 billion (US$57.9 million).