Gambling is definitely one of the most affected industries that had to completely shut off because of the COVID-19. While Online casinos have actually seen the surge in visitors, regular casinos have been left without any income for months now, creating one of the toughest circumstances this industry has ever seen. But this Queen’s native is planning to revive the industry and hope that the pandemic will actually serve his purpose.
Due to COVID-19 most of the casinos are in terrible financial situation, looking to seek to save themselves and this is exactly what Soo Kim, an executive officer, and chief investment officer at Standard General Hedge-Fund is looking to do in the month to come.
For some, the pandemic is over and social gatherings are part of the daily routine yet against, but according to Soo in the following months many more casinos will fold and he will be able to take over and for a very good price too. According to the local media outlets one of the casinos that Soo purchase was worth more than $25 million, for the new york-based casino this is almost a ridiculous price to pay for an entire casino.
According to Soo, many casinos just aren’t’ ready to deal with this crisis and don’t have the financial capital needed to take the pandemic by storm, which is why he is taking control purchasing these smaller casinos and putting a start to a possible new casino dynasty. It has been a while since we’ve seen some new players across the world casino conglomerates so it could really be a nice change for the gambling world.
Even as some casinos are starting to open up against it will be years until they start making as much money as they did before the pandemic the damage that has been doing the industry is far too great. This is why it is important that people like this Hedge-Fund CEO step up in order to help the industry grow instead of staying stagnant in unpredictable times like these.
As Soo himself says, the future of gambling is looking bright even though people have been shut out of the casinos for such a long time. Even though so many casinos have had a brought time dealing with the hardships of this pandemic the long term success rate of the casinos is bound to increase after the initial blow to the economy and the social distancing measures are dropped. This is one of the smartest investment moves if you have the necessary finances and the skills to manage these casinos in the future, which according to Soo’s resume he definitely can.
As a native Queen’s resident, he is hoping to bring some of the perks to his neighborhood and to liven up the somewhat asleep nightlife that has been suddenly up on hold because of the pandemic. Soo’s future casino empire might pop up on our radar sooner than we ar expecting because the gambling world is really in need of some good shakeup.