Kangwon Land reports $129 million loss in 20Q1

Kangwon Land
Kangwon Land

Kangwon Land has reported a sharp KRW156.2 billion (US$129 million) loss in 20Q1, driven by the global Covid-19 crisis.

Sales fell 37.5 percent to KRW263.6 billion.

Operations at Kangwon Land were suspended on February 23, and the period of the closure was repeatedly extended until this week in line with continuing concerns about the spread of coronavirus infection.

Kangwon Land, which is located in an economically underdeveloped former mining community, is a major pillar for local business, and the ongoing suspension of its operations has deeply affected the region.

It is also the only casino in the country where South Korean nationals may also gamble.