Kangwon Land, the only casino in South Korea at which locals are allowed to gamble, reported a net loss of KRW11.0 billion (US$9.2 million) in 4Q21, narrowed from a loss of KRW33.3 billion (US$27.7 million) in the prior year period but a reversal on profit of KRW20.4 billion (US$17.0 million) recorded in the September quarter.
The improved year-on-year result included an 84.4% increase in gaming sales to KRW242.1 billion (US$201.7 million), down 1.3% on Q3, while an operating loss of KRW20.1 billion (US$16.7 million) compared with operating income of KRW24.3 billion (US$20.2 million) in Q3 and an operating loss of KRW76.12 billion (US$63.4 million) in 4Q20.
According to the company’s earnings deck, GGR of KRW236.9 billion (US$197.4 million) was relatively stable when compared with the September quarter.
Both mass table games and electronic gaming machines reported sequential growth with GGR of KRW98.1 billion (US$81.7 million) and KRW96.1 billion (US$80.1 million) respectively. The company’s VIP or membership club reported GGR of KRW42.8 billion (US$35.7 million) in 4Q21.
Publication of Kangwon Land’s subdued result for the December quarter comes just days after the company noted that it hopes to put 32 gaming tables currently out of commission due to the COVID-19 pandemic back into business in the coming months.
The company is also planning a KRW28.4 billion (US$23.7 million) expansion that will see the casino floor size grow by 10% to 15,486 square meters.
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