{"id":25685,"date":"2021-12-17T08:31:28","date_gmt":"2021-12-17T11:31:28","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=25685"},"modified":"2026-04-23T12:49:53","modified_gmt":"2026-04-23T15:49:53","slug":"kangwon-land-to-reduce-hours-due-to-covid-19-countermeasures","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-to-reduce-hours-due-to-covid-19-countermeasures","title":{"rendered":"Kangwon Land to reduce hours due to Covid-19 countermeasures"},"content":{"rendered":"\n

Amid a new rise in Covid-19 cases due to the Omicron variant, Kangwon Land will reduce its operating hours from December 18 to January 2.<\/p>\n\n\n\n\n\n\n\n

South Korea.- The South Korean casino\u00a0Kangwon Land\u00a0<\/strong>has told GGRAsia that its gaming venue will operate at reduced hours, from 10am to 10pm every day, from December 18 to January 2. The measure was taken following new Covid-19 countermeasures imposed by the government due to an increase in new cases and fears surrounding the Omicron variant.<\/p>\n\n\n\n

Only people who have been\u00a0fully vaccinated against Covid-19<\/a>\u00a0will be allowed to enter. People will need to\u00a0show a vaccine pass as proof.<\/strong> The South Korean Ministry of Health has reported 7,435 new Covid-19 cases in the last 24 hours.<\/p>\n\n\n\n

Kangwon Land to recover by 2023, analysts say<\/h2>\n\n\n\n

J.P. Morgan<\/a>\u00a0has predicted that the South Korean government\u2019s decision to \u201clive with Covid-19\u201d could help the casino operator revenues return to pre-pandemic levels by 2023. <\/p>\n\n\n\n

Analysts said: \u201cStrong pent-up demand and expanded operating hours\/capacity allow us to stay hopeful on a full recovery by some point in late 2022,\u201d while they also highlighted Kangwon Land Inc\u2019s profits could return to pre-pandemic levels in 2023.<\/p>\n\n\n\n

The South Korean casino<\/a> reported net profit for the third quarter of the year declined 2.4 per cent quarter-on-quarter to KRW20.42bn (US$17.3m). GGR for the quarter was up 15.8 per cent <\/strong>from KRW203.8bn to KRW235.90bn, which was also a rise of 272.4 per cent when compared to Q3 2020.<\/p>\n\n\n\n

Meanwhile, JP Morgan said that Paradise Co<\/a>\u2018s recovery may take longer, sometime towards the end of Fiscal Year 2023 as long as the country continues easing travel restrictions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid a new rise in Covid-19 cases due to the Omicron variant, Kangwon Land will reduce its operating hours from December 18 to January 2.<\/p>\n","protected":false},"author":176,"featured_media":14703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land is implementing reduced operating hours and a vaccine pass requirement from December 18 to January 2 due to a surge in Covid-19 cases and new government countermeasures in South Korea. Despite this short-term operational adjustment, J.P. Morgan analysts project Kangwon Land's revenues could return to pre-pandemic levels by 2023, driven by pent-up demand and the government's \"live with Covid-19\" strategy. The casino reported a Q3 GGR increase of 15.8% QoQ, though net profit saw a slight decline.","focusai_entities":"Kangwon Land, J.P. Morgan, Paradise Co, South Korean Ministry of Health","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.85), compliance_legal (0.9), operator_casino (0.95), investor_analyst (0.98), gambler_consumer (0.8), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Q4 GGR?","query":"How might the reduced operating hours and vaccine pass mandate for Kangwon Land impact its Q4 GGR and net profit, particularly given the Q3 QoQ decline in net profit?"},{"label":"Regional Recovery Disparity?","query":"What specific factors contribute to J.P. Morgan's differentiated recovery timelines for Kangwon Land versus Paradise Co, and what are the implications for the broader South Korean integrated resort market?"}],"footnotes":""},"categories":[28,16338],"tags":[16471],"class_list":["post-25685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino-news","category-east-asia-news","tag-kangwon-land"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25685"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25685\/revisions"}],"predecessor-version":[{"id":25692,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25685\/revisions\/25692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14703"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}