Kangwon Land visitors up as operating hours increase

The casino operator posted a net loss of KRW10.6bn for 2021.
The casino operator posted a net loss of KRW10.6bn for 2021.

Since March 5, the casino operator has been allowed to extend its operating hours from 12 to 13 hours but capacity remains limited.

South Korea.- Analysts at Shinhan Investment Corp have revealed since Kangwon Land was allowed to extend its casino operating hours to 13 hours, the number of daily visitors has increased to 4,000 up from between 2,000 and 3,000 last year.

Average daily sales from mass visitors have increased month-on-month since January, hitting KRW 2.1bn in March, well above the 1H21 average of KRW1.6bn-1.7bn in 2021 when the casino venue was operating 20 hours a day.

In January 2018, the number of gaming tables at Kangwon Land was reduced from 200 to 180 as a penalty for violating its gaming revenue cap. All 200 tables reopened in July 2020 after complying with turnover caps and lost revenue due to the Covid-19 pandemic.

There are currently 129 gaming tables open and no side bets are allowed. 1,660 slots are managed by dealers who rotate one or two shifts. As such, reduced operating hours have reduced capacity. Casino capacity is now at 2016-2017 levels, when company profits hit record highs, and Kangwon Land expects to be allowed to lift restrictions on business hours.

Kangwon Land plans to expand its casino floor area

Kangwon Land 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.

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Covid-19 Kangwon Land