Kangwon Land casino reopens, GKL with Busan ops
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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.
