Kangwon Land: casino revenue expected to fall 67%

The casino operator expects a fall in revenues of 67% year-on-year for the full year 2020.

South Korea.- Kangwon Land, the only casino allowed to receive locals in the country, has estimated its casino revenues for the full year 2020 will be down by 67 per cent compared to 2019.

The impact of the Covid-19 pandemic has been hard for the company, which has suffered long periods of closure, and still remains closed now. It has forecast its revenues for 2020 will come in at KRW498 billion (US$430 million).

In 2019, Kangwon Land’s gaming segment represented 88 per cent of the firm’s total revenues.

While other large casino operators in Asia Pacific have also suffered closures, Kangwon Land has faced shutdowns for most of the year. Its first closure lasted from February 23 to July 20. It closed again on August 23 and is currently expected to reopen on Monday.