Kangwon Land reports US$250m loss for 2020

Sales fell 68.5 per cent year-on-year at the only casino in South Korea where nationals are allowed to gamble.

South Korea.- The same day that Kangwon Land announced its reopening after its latest closure due to Covid-19 countermeasures, the operator posted its full-year 2020 financial results.

The South Korean casino has reported an adjusted loss of KRW275.88bn (US$249.7m), aided by lower operating expenses.

Sales for the full year fell 68.5 per cent year-on-year to KRW478.58bn (US $ 433.2m).

Sales for the last quarter were KRW131.32bn (US$118.9m), down 64.8 per cent year-on-year but up from KRW76.62bn (US$69.3m) in Q3.

In 2019, the company reported a profit of KRW334.65bn (US$302.9m), meaning 2020 saw a downturn to the tune of KRW610.53bn (US$552.6m).