Kangwon Land reports $36.6m loss for Q3
Kangwon Land lost nearly KRW40.9bn ($36.6m) in Q3 2020, a 68% drop compared to the profit of KRW128.6bn reported in 2019.
Q3 loss was still an improvement from Q2 when loss amounted to KRW45.56bn. Operating loss for the July to September period was KRW64.9bn, against a profit of KRW139.2bn reported the previous year.
The company operates Kangwon Land, the only casino catering to domestic players in Korea. The casino was closed for the second time in August and resumed operations in mid-October.
Casino sales were KRW76.6bn, an 81% drop from the same period in 2019. Gross gaming revenue (GGR) fell by 83% to KRW58.9bn. Revenue from the membership club segment was KRW33.3bn, a 49% year-on-year drop.
Mass table sales for Q3 were KRW10.7bn, a 93% drop, while slot machine sales declined by 87% to KRW19.3bn.
Accumulated sales for the first nine months of 2020 were KRW347.2bn, a 70% decline from 2019. The loss for the nine months was KRW242.5bn, compared to the profit of KRW282bn in 2019.
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