Kangwon Land GGR down 10.1% for Q1
Kangwon Land has shared its financial results for the first quarter of the year. GGR was down 10.1 per cent sequentially but up 116.7 per cent year-on-year.
South Korea.- The South Korean casino Kangwon Land has posted gross gaming revenue (GGR) for the first quarter of KRW213bn, down 10.1 per cent quarter-on-quarter but up 116.7 per cent year-on-year. KRW93.7bn came from mass gaming tables and KRW88.2bn from slot machines. Rvenue from the casino’s club amounted to KRW31.1bn.
Casino sales reached KRW226.85bn, down 6.3 per cent quarter-on-quarter but up 132.8 per cent on 2021. Gaming sales were KRW192.2bn, up 125 per cent year-on-year but down 10.5 per cent quarter-on-quarter.
Kangwon Land posted a net loss of KRW5.85bn (US$4.6m) for the first quarter, narrowed from a KRW11.00bn net loss in the fourth quarter of the year 2021. It posted an operating profit of KRW10.53bn.
The South Korean casino received 356,923 visitors in the first quarter. The figure was up by 309.2 per cent year-on-year and up 17.7 per cent sequentially. On April 18, it was allowed to extend its operating hours, returning to its pre-pandemic opening times of 10am to 6am. However, its capacity remains limited to 3,000 customers at any one time, 50 per cent of its pre-pandemic capacity.
South Korea to resume visa-free entries to Jeju Island from June 1
Authorities in South Korea have announced that they will resume visa-free entry to Jeju Island for holders of certain passports, including those from mainland China, from June 1.
All foreigners entering South Korea must be fully vaccinated and be tested for Covid-19 within 24 hours of arriving at the port of entry. Any foreigner who is unvaccinated or who tests “positive” for Covid-19 on arrival will be required to undergo a 7-day quarantine.
According to authorities, Jeju’s visa-free entry program will allow citizens of most countries, including China, to stay in Jeju for up to 30 days. The program had been suspended in February 2020 amid the Covid-19 pandemic.
