Kangwon Land, the only South Korean casino in which locals are allowed to gamble, has reported a 37.5% decline in sales to KRW236.01 billion (US$192.4 million) for the three months to 31 March 2020, heavily impacted by the closure of all facilities from 23 February due to COVID-19.
The closure ultimately saw Kangwon Land fall to a 1Q20 loss of KRW156.12 billion (US$127.2 million), down from a profit of KRW102.45 billion in 1Q19 and KRW52.62 billion in the final quarter of 2019. Operating income for 1Q20 also fell to a loss of KRW186.77 billion (US$152.2 million) versus a profit of KRW125.10 billion a year earlier.
Kangwon Land was the first of South Korea’s casinos to shut down as COVID-19 began to spread through the country and remained closed for a total of 11 weeks, only opening its doors again last Friday.
The company estimated its losses during that time at KRW267.8 billion (US$218.6 million) based on average daily casino sales in 2019.
Foreigner-only operator Paradise Co had recommenced operations at all four of its casinos by 20 April, while Grand Korea Leisure also reopened its properties last week after closing for seven weeks.
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