South Korean casino operator Kangwon Land has recorded revenue figures of KRW788.4m (£49.0m/€58.0m/$66.0m) for 2021 – a 64.7% increase on the previous year.
Gaming revenue contributed KRW697.0m to the revenue total, up 72.4% from 2020. Non-gaming revenue added a further KRW91.4m.
Operating expenses for the year came to KRW726.8m, a 33.5% increase on the previous year. Casino costs were the largest expense at KRW459.9m, followed by hotel costs of KRW135.0m.
Slot machine production cost the company KRW2.8m, and subsidiaries added further expenses of KRW22.7m. Other costs totaled KRW106.5m.
Gross profit for the year came to KRW61.6m, up 193.5% from 2020. Selling, general and administrative costs came to KRW114.3m, leaving operating losses of KRW52.7m.
When factoring in additional income of KRW72.9m, other expenses totaling KRW34.4m, and KRW17.8m of tax expenses, net losses for the year amounted to KRW10.6m – a 96.2% improvement on 2020.
The company had to deal with closures to..