Kangwon Land, which operates the only casino in South Korea where locals can gamble, reported an 84.4 per cent increase in Q4 revenue, with gaming sales steadily increasing throughout the year.
Total sales were KRW242.1bn, up from KRW131.3bn in 2020, but down 1.3 per cent from the third quarter.
Gaming revenue was up 83.3 per cent to KRW214.8bn and was also 0.9 per cent higher quarter on quarter. Non-gaming revenue was up 93.2 per cent to KRW27.3bn.
The company posted a loss for the period of KRW11bn, which narrowed from a loss of KRW33.3bn in 2020. In the third quarter, Kangwon Land was in the black to the tune of KRW20.4bn, but down 15.3 per cent quarter-on-quarter.
Kangwon said a phased return to normality had begun from the beginning of November, with the number of visitors permitted on the mass floors increasing from 1,800 to 3,000.
However, further measures were reintroduced from December 18 as the Omicron variant began spreading in South Korea. The resort’s operation hours were reduced from 20 hours to 10 hours.
Analysts from J.P Morgan said that while Kangwon’s Q4 came in weaker than its forecast, the business has a clear path to normalise again once distancing curbs materially ease, given demand levels are always near capacity with or without Covid.
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