Kangwon Land may build slot machine manufacturing plant

The casino operator posted gross gaming revenue of KRW213bn for the first quarter of the year.
The casino operator posted gross gaming revenue of KRW213bn for the first quarter of the year.

Kangwon Land is reportedly considering opening a slot machine manufacturing plant in Taebaek.

South Korea.- The South Korean casino Kangwon Land is reviewing other potential business opportunities and could launch its own slot machine manufacturing plant in Taebaek, Gangwon-do, where the operator is located.

Kangwon Land already has its own line of branded slot machines that are available on dedicated casino floors across Asia. Last year, the company signed a deal with game developer Flysher to distribute its slot machines in the North American market.

Asian Gaming Brief has reported that Lee Sang-ho, the Mayor of Taebaek, met with Kangwon Land’s CEO to discuss regional cooperation projects.

Earlier this month, The National Gambling Control Commission revealed that Kangwon Land saw an average bet per person of US$91.80 in 2021. The figure was 61.1 per cent higher than the average betting price at South Korea’s 16 foreigner-only casinos, which reached US$57.00.

While most casinos have been hit hard by a lack of tourists in 2021 due to the Covid-19 pandemic, Kangwon Land has benefited from its ability to serve locals. The South Korean casino generated 352.3 per cent more in taxes than casinos as a whole. Kangwon Land’s cash tax was KRW106.3bn (US$81.9m), compared with KRW23.5bn for foreigner-only casinos.

For the year to date, Kangwon Land‘s first-quarter gross gaming revenue (GGR) stands at KRW213bn, down 10.1 per cent quarter on quarter but up 116.7 per cent year on year. Casino sales reached KRW226.85bn, down 6.3 per cent month on month but up 132.8 per cent from 2021. Game sales totalled KRW192.2bn, up 125 per cent year on year but down 10.5 per cent month on month.

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