South Korean foreigner-only casino operator Grand Korea Leisure may need to find a new home for its Seven Luck Casino at Gangbuk Millennium Seoul Hilton after the hotel’s owner revealed it has been 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, the hotel has been operating for almost 40 years but has struggled in recent years due to a major decline in its core Chinese and Japanese clientele following the THAAD missile crisis and COVID-19.
The five-star, 700-room hotel has long been known as a favorite meeting spot for politicians and businessman.
It is also home to one of GKL’s three casinos, alongside Gangnam COEX which is also in Seoul and Seven Luck Casino Busan Lotte. It is not yet known whether the company plans to find a new home for the impacted casino.
Seven Luck Casino at Gangbuk Millennium Seoul Hilton only reopened in mid-March following its latest closure due to COVID-19. All three casinos under its operation suspended operations in either late November or early December, with Busan opening in February and both Seoul casinos a month later.
GKL reported a KRW64.3 billion (US$57.9 million) loss in 2020 as a result of the pandemic.