South Korean foreigner-only casino operator Grand Korea Leisure (GKL) has secured a new 10-year lease for its existing casino at Gangnam COEX in Seoul.
Under the terms of the lease – details of which were released Tuesday – GKL will pay KRW168.8 billion (US$120 million) for the lease over the duration of the 10-year period, which will expire on 4 October 2035.
In a filing, GKL said that rent during the contract period may be adjusted according to the contract conditions, with the first adjustment to take place on 1 October 2026. The adjustment rate, it explained, will be calculated by applying the monthly fluctuation rate of the National Consumer Price Index (CPI) announced annually in October by the National Data Bureau, and applying the cumulative rate from October of the previous year to September of the year in which the adjustment date falls.
Notably, the company added that the renewed lease was unrelated to a plan it briefly considered earlier this year to acquire a casino site in Seoul as a means of addressing excessive rental payments at its existing properties. GKL abandoned that plan in February, claiming it did not meet the “necessary requirements” to pursue a feasibility study.
Medical tourism on the radar
In a separate announcement issued earlier this week, GKL revealed it has partnered with Gangnam Medical Tour Center to host a “Medical Experience Event” at Gangnam COEX to promote medical tourism to foreign visitors.
The K-Medical Wellness Experience Zone will be held in the special exhibition hall on the third floor of Seven Luck Casino Gangnam COEX until the end of this month.
The event has been “organized to introduce Gangnam medical tourism and excellent wellness products from small and medium-sized enterprises to foreign tourists visiting Seven Luck Casino, as well as to revitalize the local economy by attracting foreign patients,” the company explained.
The experience will provide visitors with various experiential opportunities, including skin measurement and consultation, a K-beauty experiences, stress tests and massages.
“Over 360,000 foreign tourists visit the Gangnam COEX branch annually,” said President Yoon Doo-hyun.
“Through this event, we aim to enhance customer satisfaction by providing a differentiated customer experience while also looking forward to discovering collaboration opportunities that can create synergy with the medical industry.”
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