Kangwon Land, the operator of Kangwon Land, which is the only casino in the country to serve local players, posted a net loss of 5.85 billion won in the first quarter, down from a net loss of 11 billion won in the fourth quarter of last year.
Net loss in the first quarter fell from a net loss of 40.9 billion won in the first quarter of 2021, data showed Wednesday at the Korea Exchange.
Kangwon Land had an operating profit of 10.53 billion won in the first quarter of this year, with an operating loss of 20.05 billion won compared to the previous quarter, and an operating loss of 59.62 billion won in the first quarter of last year.
Casino operators' sales fell 6.3% sequentially to 226.85 billion won in the three months to March 31, but rose 132.8% from 97.44 billion won a year ago.
Game sales in the first quarter amounted to W192.2 billion, up 125.0 percent from W85.4 billion a year earlier. On a sequential basis, game sales fell 10.5 percent in the first quarter.
Game gross sales (GGR) fell 10.1% sequentially to 213 billion won in the first quarter, but increased 116.7% year-over-year.
Of the first quarter's GGR, a total of W93.77 billion came from bulk gaming tables, while another W88.2 billion came from slot machines. Both sectors showed year-over-year growth, significantly exceeding gaming revenue generated from the real estate's "membership club," which refers to facilities for premium players, which were only W31.1 billion in the first quarter.
During the first quarter, Kangwon Land received 356,923 visitors, up 309.2 percent from a year earlier and up 17.7 percent sequentially, according to the company's detailed results. Kangwon Land's visitors were mostly locals.
Since Dec. 18, the property has seen its gaming operations cut from 20 hours to 12 hours per 24-hour cycle in line with local rules on social distancing to counter the spread of COVID-19. Since then, operations have increased to 13 hours per 24-hour cycle from March 5 to April 3, before returning to 20 hours from April 18 as community distancing policies have eased, the company said in its latest financial results.
Non-game sales in the first quarter were 34.7 billion won, up 27.1% sequentially, and up 188.2% year-over-year.
BY: 카지노