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Casino op Kangwon Land falls on massive Q1 loss

Kangwon Land Inc. lost 156.1 billion won (US$127.5 million) in the first quarter, compared to a profit of 102.4 billion won in the previous year's quarter. The company operates Kangwon Land, the only resort in the country that has a casino that can serve domestic athletes.

The results were partly negatively affected by a 507% surge in the amount the company has to offer to support the area where the closed coal mines are located.

Such support increased from W38.9 billion in the first quarter of 2019 to W236 billion in the first quarter of 2020. According to the earnings release, it included W188.7 billion, which was recognized as an "extra collection amount" for five years from 2014 to 2018.

The resort, located on a remote upland a few hours" drive from Seoul, saw total sales of W236 billion, down 37.5% from W377.45 billion in the first quarter of 2019.

Casino sales fell 39.2% to 200 billion won in the January-March period from 329 billion won a year earlier. 안전한 카지노사이트

The group did not comment on the reasons for the drop in casino sales. However, resort casinos were temporarily closed on Feb. 23 as a local precaution against the spread of COVID-19 infections. The casinos did not reopen until May 8 due to repeated extended shutdown periods.

Marking the resumption of operations, the group said in a May 7 filing with the Korea Exchange that Kangwon Land expects lost casino sales to reach 267.8 billion won, calculated from Feb. 23, when casino shutters began. The estimate was based on Kangwon Land's daily casino revenue for all of 2019, the initiative's promoter added.

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