South Korea's state-run casino operator, Grand Korea Leisure (GKL), has once again made it clear that there are no plans to develop a casino resort in Seoul, in response to recent media speculation. The company filed documents with the Korea Exchange on Monday, reiterating that it has not pursued any projects to acquire commercial land or construct a casino resort in the capital. As an operator of casinos only open to foreigners, GKL's clarification has put an end to market speculation about its strategic shift, and related information on the Korean gambling industry and compliance cases can be found on the PASA official website.
Clarification Background: Responding to Media Reports and Quieting Market Speculation
This official statement from GKL directly addresses a report by the Korea Economic Daily:
Media rumors: The report claimed that GKL was preparing to develop a casino resort in Seoul, sparking discussions about its business expansion;
Company response: GKL emphasized that this filing was a follow-up to earlier clarifications, aimed at explicitly denying false rumors and preventing market misunderstandings;
Core purpose: By submitting official documents to the Korea Exchange, the company aims to convey accurate information through official channels and maintain market stability.
Core Statement: Three Key Points Clearly State No Related Actions
GKL clearly listed several facts in the document, proving there are no plans to develop a casino resort in Seoul:
No progress in site selection: As of now, there are no plans to acquire own commercial land, nor has there been any related site selection work;
Unmet preliminary conditions: The various prerequisites required for a preliminary feasibility review have not been met, lacking a basis to proceed with the project;
No applications submitted: GKL has never submitted any application documents related to a Seoul casino resort to the Ministry of Economy and Finance of Korea.
Attitude Shift: From "Undetermined" to Firm Denial
Compared to previous disclosures, GKL's stance this time is more resolute, with a clear shift in attitude:
Previous position: GKL described its status as "undetermined" in previous responses, while acknowledging that preliminary feasibility studies had been considered;
Current position: This statement directly denies the notion of "actively pursuing new casino development," with a stronger tone, eliminating vague market expectations;
Reason for change: On one hand, it is to completely quell ongoing media speculation, and on the other, it is based on a clear stance on its own business planning.
Industry Background: Intensifying Competition in the Foreign-Only Casino Market
The current business status and competitive environment of GKL provide some background for these rumors:
Existing business: GKL currently operates casinos that are only open to foreigners, and the venues are leased hotel properties;
Competitive pressure: The market for foreign-only casinos in Korea is becoming increasingly competitive, with media speculation that GKL might have considered acquiring its own venue and developing a resort to enhance competitiveness;
Strategic focus: This clarification also means that GKL will continue to focus on its existing business model in the short term, without venturing into large-scale new projects like a Seoul casino resort.
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