S.Korea 2021 casino rev up 13pct y-o-y due to Kangwon Land

Jan 29, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Provisional figures indicate 2021 casino revenue in South Korea was KRW1.18 trillion (US$975.39 million), a 13.4 percent rise year-on-year from 2020’s KRW1.04 trillion. The 2021 estimate was given by the Ministry of Culture, Sports and Tourism.

The improvement was due to a near 75-percent year-on-year leap in revenue for Kangwon Land, the only casino venue in that country permitted to serve locals.

The 16 foreigner-only casinos actually saw a near 32-percent decline in 2021 revenue relative to 2020.

Compared to 2019’s KRW2.93 trillion in aggregate casino revenue – the most recent trading year before the Covid-19 pandemic affected travel and tourism – South Korea’s aggregate 2021 casino revenue tally was down 59.7 percent.

The 2021 casino revenue for foreigner-only casinos in South Korea was KRW407.13 billion, down 31.9 percent on 2020’s KRW597.8 billion. The 2021 tally for foreigner-only, fell 71.9 percent relative to 2019’s KRW1.45 trillion.

At Kangwon Land Inc, the operator of the country’s only casino open to locals, 2021 gaming revenue was just under KRW774.9 billion, a 74.7 percent rise year-on-year from 2020’s nearly KRW443.6 billion.

According to the Ministry’s data issued on Thursday, Kangwon Land’s 2021 revenue was down 47.7 percent relative to the KRW1.48 trillion it recorded in 2019.

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