Kangwon Land casino reopens, GKL with Busan ops
Kangwon Land Inc, promoter of Kangwon Resort, resumed operations at 10 am on Monday after more than two months of closure. Grand Korea Leisure Co Ltd, operator of foreigner-only casinos in South Korea, also reopened its casino property in Busan at 9 am. Its two gaming venues in Seoul will remain closed until March 1. The group's estimated loss regarding the group’s casino net sales has risen to KRW37.68 billion (US$34.0 million) from KRw32.58 billion previously.
Kangwon Land Inc reported a KRW33.33-billion loss in the fourth quarter of 2020. The company made a profit of KRw52.62-bn in prior-year quarter. Gross gaming revenue for the period fell by 65.5% year-on-years to KR$126.4bn. Revenue from membership club segment was down 45.6% and mass table segment down 71. 5%. Accumulated sales for full- year 2020 fell 68.0% to nearly KR wk478.58bn, compared to a previous year's profit.
