Kangwon Land’s average betting price was US$91.80 in 2021
The average betting price at Kangwon Land was 61.1 per cent higher than at the rest of South Korea’s foreigner-only casinos.
South Korea.- The National Gambling Control Commission has revealed that Kangwon Land saw an average betting price per person of US$91.80 in 2021. The figure was 61.1 per cent higher than the average betting price at the 16 foreigner-only casinos, which reached US$57.00.
Although most casinos were heavily affected by the lack of tourists in 2021 due to the Covid-19 pandemic, Kangwon Land benefitted 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 amounted to KRW106.3bn (US$81.9m), compared with KRW23.5bn for foreigner-only casinos.
The casino operator’s gross gambling profit (GGY) tax contribution rate was 13.7 per cent, which generated KRW775bn in gaming revenue in 2021. The GGY-related combined tax contribution rate of the foreign sector was 5.8 per cent. The foreigner-only casino operators generated KRW405bn in gaming revenue last year.
As for the current year, Kangwon Land has posted gross gaming revenue (GGR) of KRW213bn for the first quarter, 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 quarter-on-quarter but up 132.8 per cent against 2021. Gaming sales were KRW192.2bn, up 125 per cent year-on-year but down 10.5 per cent quarter-on-quarter.
The South Korean casino received 356,923 visitors in the first quarter. The figure was up by 309.2 per cent year-on-year and up 17.7 per cent sequentially.
