Kangwon Land, a South Korean gaming enterprise, saw a revenue of 788.4 million KRW (around 49 million GBP/58 million EUR/66 million USD) in 2021, a substantial 64.7% jump from the previous year.
Gaming revenue made up 697 million KRW of the total revenue, a significant 72.4% increase compared to 2020. Non-gaming revenue experienced a rise of 91.4 million KRW.
The company’s operational costs in 2021 were 726.8 million KRW, a notable 33.5% climb from the preceding year. Gaming expenditures were the largest expense item at 459.9 million KRW, followed by lodging costs at 135 million KRW.
Slot machine operational costs were 2.8 million KRW, with an extra 22.7 million KRW in expenses for affiliated companies. Other costs amounted to 106.5 million KRW.
Gross profit for 2021 was 61.6 million KRW, a considerable 193.5% increase from 2020. Marketing, general, and administrative expenses were 114.3 million KRW, leading to an operating loss of 52.7 million KRW.
Taking into account additional income of 72.9 million KRW, other expenses totaling 34.4 million KRW, and a tax expense of 17.8 million KRW, the net loss for 2021 was 10.6 million KRW, a marked improvement of 96.2% compared to 2020.
Due to the effects of the COVID-19 pandemic, Kangwon Land had to contend with the closure of its locations in 2021 as some workers tested positive.
In the final quarter of 2021, Kangwon Land’s revenue was 242.1 million KRW, a substantial 84.4% increase from the same period in 2020.
In the current period, gaming earnings reached 214.8 million Korean Won. Table game earnings were 98.1 million Won, and slot machine earnings were 96.1 million Won. Membership club earnings were 42.8 million Won, while VIP client point rewards were 22.1 million Won.
Non-gaming earnings were 27.3 million Won, a rise of 93.2% from 2020. Hotel earnings were 17.7 million Won, apartment earnings were 4.7 million Won, and ski and golf resort earnings were 4.3 million Won.
This period’s cost of goods sold was 227 million Won, resulting in a gross profit of 15.1 million Won. General expenses were 35.2 million Won, leading to an operating deficit of 20 million Won for the period, greater than the 76.1 million Won deficit in 2020. Net loss was 11 million Won, an increase of 67.0%.
Sign up for the iGaming newsletter.