South Korea’s Kangwon Land narrows loss in 4Q21

February 11, 2022 South Korea Earnings & Filings

Kangwon Land, the only casino in South Korea at which locals are allowed to gamble, reported a net loss of KRW11.0 billion (US$9.2 million) in 4Q21, narrowed from a loss of KRW33.3 billion (US$27.7 million) in the prior year period but a reversal on profit of KRW20.4 billion (US$17.0 million) recorded in the September quarter.

The improved year-on-year result included an 84.4% increase in gaming sales to KRW242.1 billion (US$201.7 million), down 1.3% on Q3, while an operating loss of KRW20.1 billion (US$16.7 million) compared with operating income of KRW24.3 billion (US$20.2 million) in Q3 and an operating loss of KRW76.12 billion (US$63.4 million) in 4Q20.

According to the company’s earnings deck, GGR of KRW236.9 billion (US$197.4 million) was relatively stable when compared with the September quarter.