S. Korean Casinos Bounce Back from Pandemic Losses | Be Korea-savvy

S. Korean Casinos Bounce Back from Pandemic Losses


SEOUL, March 24 (Korea Bizwire)South Korean casino operators are showing signs of recovering from COVID-19 losses, thanks to the increase in the number of domestic and international tourists.

Kangwon Land Inc. returned to profitability last year by recording an operating profit of 217.6 billion won (US$168 million), according to the Financial Supervisory Service.

Its sales, however, amounted to 1.27 trillion won last year, falling short of the 2019 figure (1.52 trillion won).

Paradise Co., the operator of a foreigner-only casino and a chain of hotels and resorts, also bounced back to profitability last year.

It recorded an operating profit of 10.4 billion won last year. Its 2022 sales stood at 587.6 billion won, lower than the 2019 figure of 979.4 billion won.

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State-run casino operator Grand Korea Leisure Co. (GKL) narrowed its operating loss from 145.8 billion won in 2021 to 13.9 billion won last year.

Image Credit: Lotte Tour Development Co. / Yonhap / photonews@koreabizwire.com

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