Kangwon Land has shared its financial results for the fourth quarter of the year, reporting a net loss of KRW11.0bn (US$9.2m).
South Korea.- The South Korean casino Kangwon Land posted a net loss of KRW11.0bn (US$9.2m) for the fourth quarter ended December 31. That compares with a net profit of KRW20.42bn (US$17.3m) in the previous quarter but narrowed from a KRW33.3bn net loss in the same period in 2020.
Kangwon Land posted an operating loss of KRW20bn in the fourth quarter, narrowing from an operating loss of KRW76.1bn in the same period last year. GGR for the quarter was KRW236.9bn, up 87.5 per cent year-on-year.
Of the total GGR registered, KRW98.1bn came from mass gaming tables while slot machines generated KRW96.1bn. VIP players generated KRW42.8bn. Kangwon Land registered total sales of KRW242.1bn, down 1.3 per cent quarter-on-quarter and up 84.4 per cent from 2020.
The casino operator posted a net loss of KRW10.6bn for the year 2021, down 96.2 per cent from a net loss of just under KRW275.9bn in 2020. The company’s full-year 2021 operating loss was KRW52.7bn, compared with KRW431.6bn in 2020.
As regards sales for the year 2021, the casino operator reached KRW788.4bn, up 64.7 per cent year-on-year.
Gaming sales in the fourth quarter of 2021 were up 83.3 per cent year-on-year from KRW117.2bn to KRW214.8bn.
The company also registered gaming sales for 2021 of KRW697.0 bn, up by 72.4 per cent year-on-year.
Non-gaming sales were down 15.3 per cent quarter-on-quarter and up 93.6 per cent when compared to the previous year, at KRW27.3bn. Full-year 2021 non-gaming sales reached KRW91.4bn, representing a 23.1per cent rise year-on-year.
Kangwon Land plans to expand its casino floor area
Kangwon Land has confirmed that it plans to expand its casino floor space by more than 10 per cent, from 14,053 square meters (151,265 square feet) to 15,486 square meters. Dates have not yet been confirmed.
The resort plans to increase the total seating capacity of its restaurants and bars by 71.4 per cent, from 140 to 240 seats.
The company said a board meeting had approved KRW28.4bn (US$23.7m) to be set aside for “expansion and remodelling” of the venue, but did not specify whether all of it would be allocated to casino facilities.