Kangwon Land, the only South Korean casino at which locals are allowed to gamble, has recorded a loss of KRW275.88 billion (US$249.7 million) in 2020, impacted by multiple closures due to COVID-19.
The company’s FY20 financial results were released on the same day Kangwon Land reopened for the first time in more than two months – its third closure since the start of the COVID-19 pandemic – with a maximum capacity of 1,200 patrons.
The casino, located at the foot of a ski and golf resort in a remote area of Gangwon Province, had previously closed its doors on 23 February before reopening for VIP guests on 8 May and for main gaming floor players from 20 July, then closed again for 50 days from 23 August.
Such substantial losses were a far cry from 2019 numbers when Kangwon Land recorded a healthy KRW334.65 billion (US$302.9 million) profit, meaning 2020 saw a substantial reversal of some KRW610.53 billion (US$552.6 million).
Sales fell 68.5% year-on-year to KRW478.58 billion (US$433.2 million).
For the three months to 31 December 2020, sales declined 64.8% year-on-year to KRW131.32 billion (US$118.9 million), improved from sales of KRW76.62 billion (US$69.3 million) in Q3 due to more days of operation. Loss for the quarter was KRW33.35 billion (US$30.2 million).