Kangwon Land posts 272% GGR increase for Q3 2021 as Covid situation improves
South Korean casino operator Kangwon Land has reported KRW 235.9bn ($207m) in gross gaming revenue (GGR) for the third quarter of 2021 as Covid restrictions are eased across the country.
While this figure puts its year-on-year growth at an impressive 272%, GGR is still down from pre-pandemic levels.
Since 2000, Kangwon Land has been the sole casino in South Korea where locals are permitted to gamble, while others are only open to tourists and expats. This has helped it limp through Covid, but the casino has still suffered.
Kangwon Land posted KRW 366.4bn in GGR for Q4 2019, the last full quarter before Covid struck, meaning its revenue is still below normal operating levels by 35%.
However, the casino is on-track for a full recovery, having reported consistent improvement each quarter since reopening in February 2021 after its third closure in the span of a year. Its GGR is up by 16% from Q2 despite operating at a limited capacity, with its main gaming floor driving growth.
Kangwon Land’s table games took KRW 92.6bn for a 762% year-on-year increase, while its gaming machines brought in KRW 91.2bn, a 372% rise from 2020. Meanwhile, non-gaming revenue was up by 82% at KRW 32.3bn, with KRW 20.4bn in profit helping to reverse the KRW 40.9bn loss recorded in Q3 2020.
These improvements should continue unless there is a sudden spike in Covid cases. South Korea has received praise for its handling of the coronavirus pandemic, though the country still struggles with outbreaks that have forced its government to implement local restrictions.
This news also comes after Kangwon Land saw its casino licence extended for 20 years until 2045 in August, a move which will help secure its position but comes at the cost of a higher tax rate.
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