Kangwon Land, the operator of the country’s only casino resort that can offer casino gambling to locals, saw its net loss fall to 40.9 billion won ($36.6 million) in the first quarter, compared with a net loss of 156.1 billion won a year earlier. The result was a more than halving year-on-year sales.
However, its net loss in the latest quarter increased from its net loss of 33.3 billion won in the fourth quarter.
Kangwon Land Casino, located on a remote highland outside the capital city of Seoul, closed at the beginning of the first quarter. It closed on Dec. 8 last year due to COVID-19 measures, and only reopened on Feb. 15.
Sales in the first quarter of this year were 97.4 billion won, down 58.7% from 236 billion won achieved in the first three months of 2020.
Quarterly sales fell 25.8% from 131.3 billion won tallied in the last three months of 2020.
Game sales in the first quarter were KRW 85.4 billion, down 57.3% from KRW 20 billion in the same period last year.
Based on sequential measurements, gaming revenue in the first quarter fell 27.1% to W117.2 billion in the three months to Dec. 31.
Non-game sales in the first quarter were down 15.0% from 12 billion won and 14.1 billion won in the fourth quarter, down 66.6% year-on-year.
Kangwon Land recorded an operating loss of 59.6 billion won, a 68.1% improvement from an operating loss of 186.8 billion won in the first quarter of 2020. Its operating loss in the fourth quarter of 2020 was 76.1 billion won.
MassTable’s gross game sales (GGR) was W38 billion in the first quarter, down 62.7 percent from W101.8 billion in the same period last year. The GGR was W45.8 billion in the fourth quarter of 2020.
Kangwon Land’s ‘Membership Club,’ which means facilities for premium players, has a GGR of W27.8 billion, down 15.4 percent from the same period last year. In the last quarter of 2020, the Membership Club generated a GGR of W32.6 billion.
Slot machine GGR in January-March this year was 32.6 billion won, down 62.7% from the first quarter of last year. Slot GGR in Q4 was 48 billion won.
Kangwon Land’s GGR once again emphasized that it is subject to the sales cap policy from South Korea’s National Gambling Management Board. 카지노사이트
“Our key acquisition is how resilient demand was during the second half of the first quarter after reopening,” a note from JP Morgan Securities (Asia-Pacific) Ltd. said on Tuesday
“During the 45-day run, the daily bulk/slot GGR [total game revenue] recovered to 50% from 45% to pre-COVID-19 levels despite a severe cap on floor capacity for 1,200 players,” said analysts DS Kim, Derek Choi and Livy Lyu. They said it was just 20% of the pre-pandemic limit of 6,000 players.