Kangwon Land extends operating hours
Kangwon Land Co Ltd has received permission from South Korea’s Government to extend its operating hours. The casino is allowed to open more gaming tables as well.
Kangwon Land was closed for almost three months due to coronavirus and reopened its VIP floor on 8 May.
The operator also announced estimated losses during the closure were around KRW267.8bn ($218.6m). The number was based on daily sales in 2019.
Additionally, Kangwon Land experienced a loss of KRW156.1bn for Q1 2020; last year, the casino made a profit of KRW102.4bn. Casino sales during the first three months fell by 39% compared to last year.
The expansion includes a prolonged opening time: from 18 hours to 20 hours per day. The number of game tables will also rise from 160 to 180.
JP Morgan analysts stated: “From what we understand, the increased capacity and operating hours will stick throughout the license term until the end of 2023, which will be a boon for this (severely) capacity-constrained casino in the coming years.”
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