Kangwon Land Casino Reopens, GKL with Busan ops

Kangwon Land, the founder of Kangwon Land (pictured), said on Monday (Feb. 15) that it had resumed business after closing for more than two months at 10 a.m. The complex is the only licensed provider of casino games to the Korean people.

The venue, run by Kangwon Land, has been shut down several times since 2020 due to COVID-19 measures, with the most recent event starting on Dec. 8.

Casinos reopened Monday as Gangwon Province, where the casino resort is located, went down to "level 1.5" under social distancing rules, according to data submitted to the Korea Exchange.

Also Monday, Grand Korea Leisure Inc., which operates foreigner-only casinos in South Korea, said it reopened its casino facilities in the southern port city of Busan at 9 a.m. on the same day. However, its two gaming venues in Seoul will remain closed until at least March 1 as the government has decided to keep the Seoul area below "Level 2" in terms of social distancing measures to prevent the pandemic.

The Grand Korea leisure sites, which were closed until March, are operated under the Seven Luck brand as COEX in Gangnam and Hilton in Gangbuk, Seoul. Both venues have been closed since Nov. 24, and the pandemic caused the group to lose in 2020.

The company also said in an update filing with the Korea Exchange that it raised its expected loss on the group's casino net sales to about 37.68 billion won from 32.58 billion won earlier as the closure of its Seoul branch was further extended.

Gangwon Land's defeat

On Monday, Kangwon Land posted a loss of nearly 33.33 billion won in the fourth quarter, compared with a profit of 52.62 billion won a year earlier. Its latest quarterly results are still an improvement from a loss of 40.86 billion won recorded in the third quarter of 2020.

In the three months to Dec. 31, casino operators recorded sales of 131.32 billion won, down 64.8 percent from a year earlier. Total gaming sales during the period fell 65.5 percent year-on-year to 126.4 billion won, but increased 99.4 percent from the previous quarter.

Kangwon Land's membership club division sales for the fourth quarter of 2020 were 32.6 billion won, down 45.6% year-on-year, according to Monday's announcement.

In the fourth quarter, mass table sales fell 71.5 percent to 45.8 billion won. Slot machine sales fell 67.0 percent to 48 billion won.

Annual cumulative sales in 2020 fell 68.5% year-on-year to W478.58 billion. It recorded a loss of W275.86 billion in 2020, compared to a profit of W334.66 billion in 2019.

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