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Kangwon Land suffers US$250 million loss in 2020

Ben Blaschke by Ben Blaschke
Tue 16 Feb 2021 at 18:59
Revenue falling for Korea’s only locals casino Kangwon Land
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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).

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Tags: casinocovid-19Kangwon LandsalesSouth Korea
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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