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Kangwon Land, the operator of Kangwon Land, the only casino-allowed resort in the country to serve local athletes, posted a net loss of 11 billion won ($9.2 million) in the fourth quarter through Dec. 31, 2021, compared with net profit of 20.4 billion won in the previous quarter.
However, Kangwon Land's latest quarterly net loss was down from 33.3 billion won in the same period a year ago.
Casinos operators' net loss for the full year 2021 came to 10.6 billion won, down 96.2 percent from 275.9 billion won in net loss in 2020, according to data submitted to the Korea Exchange on Thursday. This was in line with the company's unaudited financial statements for the 2021 fiscal year.
Kangwon Land's fourth-quarter operating loss was W20 billion, down from W76.1 billion in the same period last year. The company's annual operating loss in 2021 was W52.7 billion, compared with W4311.6 billion in 2020.
The casino operator's fourth-quarter sales reached nearly 242.1 billion won, down 1.3% sequentially, but increased 84.4% from 131.3 billion won a year ago. It achieved sales of 788.4 billion won in 2021, up 64.7% year-on-year.
Game sales in the fourth quarter amounted to W214.8 billion, up 83.3 percent from W117.2 billion in the same period last year. Game sales in the fourth quarter, which were measured sequentially, only increased 0.8 percent. Kangwon Land's game sales in 2021 were W697 billion, up 72.4 percent from a year earlier.
Game gross sales (GGR) in the fourth quarter were 236.9 billion won. That was flat compared to the previous quarter, but was up 87.5% year-over-year.
Among the GGRs in the fourth quarter, a total of W98.1 billion was generated from mass gaming tables and W96.1 billion was generated from slot machines. The real estate's "membership club," which means facilities for premium players, generated W42.8 billion in the fourth quarter. Excluding the GGRs generated from membership facilities, both the mass gaming table and slot machine divisions grew sequentially.
Non-gaming sales in the fourth quarter were W27.3 billion, down 15.3% year-over-year but up 93.6%. Non-gaming sales for all of 2021 were W91.4 billion, up 23.1% year-over-year.
During the fourth quarter, Kangwon Land received 303,341 visitors, up 147.6 percent from a year earlier and 19.3 percent sequentially, according to the company's results release. Kangwon Land's visitors were mostly locals.
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