Kanwong Land loses US$38.4 million in Q2

Kanwong Land loses US$38.4 million in Q2

Most sales came from its VIP business, which reopened after lockdown on May 8.

South Korea.- Casino operator Kanwong Land has posted financial losses of KRW45.56-billion (US$38.4 million) for the second quarter of 2020 as revenue fell 90.5 per cent year-on-year to KRW34.63 billion (US$29.23 million).

The venue in Seoul’s suburbs is the only casino in South Korea where locals can legally gamble. It only reopened to the VIP segment on May 8 and has not allowed the general public to return.

Gross gaming revunue (GGR) showed a 91.4 per cent fall year-on-year to KRW28.3 billion (US$23.89 million). That came from the VIP segment, wih table and slot revenue from the casino floor falling to zero.

For the first half of 2020, sales dropped 63.5 per cent compared to the first six months of 2019.

Sales for H1 totalled KRW270.64 billion (US$228.7 million), leading to a loss of KRW201.67 billion (US$170.2 million) for the period.

Table games amounted to about half of sales for H1 at KRW101.8 billion (US$85.9 million). Slot machine revenue came to KRW87.3 billion (US$73.6 million) while VIP room revenue came to KRW64 billion (US$54 million). Meanwhile, KRW21.9 billion (US$18.4 million) was paid to players in bonuses. Non-casino revenue totalled KRW42.4 billion (US$35.7 million).

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