Kangwon Land Slot Machine Unit Accumulates US$11 Million Loss Over Six Years

The slot machine manufacturing business of Kangwon Land Inc accumulated losses of KRW14.81 billion (US$11.0 million) over the six years to 2025. Data submitted to South Korea’s National Assembly detailed the performance of the KL Saberi brand.

The unit has recorded a loss every year since 2020. The annual loss stood at KRW1.40 billion in 2020 and widened to approximately KRW3.4 billion last year.

Overseas Expansion Efforts Fall Short

Kangwon Land Inc established a sales office in the Philippines in 2022. The company spent about KRW700 million on office, housing and vehicle leases through August this year, according to reporting by GGRAsia.

Sales reached 20 machines in 2023 and 42 in 2024 but none in 2025. Six units sold in the Philippine market so far this year. Those Philippine sales represented 88.3 percent of the 77 KL Saberi machines sold worldwide since the office opened.

The operator entered the slot machine manufacturing business in 2017. It projected annual production of 10,000 units from 2031, with KRW500 billion in revenue and KRW200 billion in net profit. Previous efforts included targeting the Macau market and a 40-machine installation in Montevideo, Uruguay.

Strategic Review Looms for Underperforming Unit

Kangwon Land Inc operates the country’s only casino resort where South Korean nationals are permitted to gamble. The company recently established a committee to review major strategic initiatives under its new chief executive, Kim Do-gyun.

The review arrives as the slot machine business continues to generate losses rather than the anticipated profits. This performance gap between early projections and six-year results raises questions about the sustainability of the manufacturing venture for the casino operator.

Reporting: GGRAsia

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