Grand Korea Leisure (GKL) (114090.KS), a state-run casino operator, has launched a company-wide task force to respond to rising oil prices and energy supply risks stemming from geopolitical instability in the Middle East.
GKL said Wednesday that the company held a meeting chaired by CEO Yoon Du-hyun and established a "Crisis Response TF Team." The task force is organized into four divisions led by the head of the management division: general coordination, government policy implementation, business impact analysis, and financial stability.
GKL will first strengthen energy conservation measures. The company decided to make its previously voluntary vehicle rotation scheme — which restricts driving based on license plate numbers one day per week — mandatory and to limit heating and cooling operation hours at its headquarters. It also plans to minimize energy use across facility operations, including shortening lighting hours for exterior signage at its business venues.
On the business front, GKL will overhaul its marketing strategy to defend revenue. At the same time, the company will focus on securing financial stability by cutting non-essential spending and tightening operating expenses.
"We will actively participate in the nationwide energy conservation policy while doing our best to develop effective countermeasures," CEO Yoon said.