Kangwon Land sales down 58.7% in Q1

Kangwon Land has reported a net loss of KRW40.9bn (US$36.6m) for the first quarter of the year.

South Korea.- The South Korean casino Kangwon Land has reported that sales during the first quarter of the year reached KRW97.4bn, down 58.7 per cent when compared to the KRW236bn seen in the same period last year.

Sales were also down 25.8 per cent from the last quarter of 2020, mainly due to a Covid-19 lockdown during the first part of the year.

Kangwon Land was allowed to reopen its doors on February 15 but continues to be affected by the lack of tourists as it only received 82,217 visitors, mostly locals. Visits were down 79.9 per cent compared to the first quarter of 2020.

Kangwon Land gaming sales reached KRW85.4bn, which represents a decline of 57.3 per cent from KRW200bn in the same period last year, while GGR from mass tables was KRW38bn, down 62.7 per cent year-on-year.

As for slot machine GGR, Kangwon Land has reported KRW32.6bn in revenue for the first quarter, down 62.7 per cent from the same period in 2020.