Operator News
South Korea – Kangwon Land sees debt fall by almost half during year of COVID
By Phil - 26 April 2021
Korean corporate analysis website CEO Score Daily has said that South Koreas only casino at which locals can gamble, Kangwon Land enjoyed one of the largest drops in debt of any Korean company last year.
Despite generating a US$249.7m loss in 2020, the operator’s debt dropped 45 per cent year-on-year from US$645m to US$353.4m whilst current liabilities fell US$295.5m.
Kangwon Land said: “The reason the current liabilities decreased last year was because of the decrease in sales and profits, which reduced the amount of taxes and funds to be paid in the future for accounting.”
