Kangwon Land reports KRW14.81bn losses in its slot-machine business

Kangwon Land Inc recorded accumulated losses of KRW14.81 billion (US$11.0 million) in its slot-machine manufacturing business over the six years through 2025. The business operates under the KL Saberi brand and, according to data submitted to the National Assembly of South Korea, has reported losses every year since 2020.

Annual losses and key figures for Kangwon Land's slot-machine business

Data submitted to a lawmaker from the People Power Party and cited by the Seoul Economic Daily detail the evolution of the losses. In 2020 the annual loss was KRW1.40 billion; by 2024 the deficit had widened to about KRW3.4 billion according to separate South Korean reports. The consolidated total between 2020 and 2025 amounts to KRW14.81 billion, equivalent to US$11.0 million at the reported exchange rate.

Kangwon Land entered the slot-machine manufacturing business in 2017. The company projected an annual production target of 10,000 units from 2031, with estimated annual revenue of KRW500 billion and net profit of KRW200 billion, according to information collected by the Seoul Economic Daily.

International sales and concentration in the Philippines: what the report showed

The report questions the performance of Kangwon Land's commercial office in the Philippines, established in 2022 to drive the business's international expansion. According to the Seoul Economic Daily, the group spent around KRW700 million on office leases, housing and vehicles in the Philippines through August of this year.

Reported sales in the Philippine market were:

• 20 machines sold in 2023

• 42 machines sold in 2024

• 0 sales recorded in 2025

• 6 units sold to date in 2026, according to the same report

Since the Philippines office opened, 77 KL Saberi machines have been sold worldwide; Philippine sales account for 88.3% of that total. That level of concentration raises questions about the brand's territorial diversification.

KL Saberi and the expansion strategy: Macao, the Philippines and South America

GGRAsia reported in 2024 that KL Saberi was seeking to expand outside South Korea targeting the Macao market. The brand also achieved sales in the Philippines and carried out an installation of 40 machines in Montevideo, Uruguay, marking its entry into South America.

Despite those steps, the recent commercial pattern shows a decline or stagnation in sales outside the Philippines during 2025, and a strong reliance on a single market to move inventory.

Operational impact and governance at Kangwon Land

Kangwon Land Inc operates the only casino complex in South Korea where South Korean nationals are allowed to gamble. Under the new executive leadership, the company has taken organisational steps: the group recently constituted a committee to review major strategic initiatives and organisational matters under the new CEO, Kim Do-gyun.

The submission of information to the People Power Party lawmaker suggests that the slot-machine business's performance is now part of wider scrutiny by stakeholders and the public sector.

What it means for operators and suppliers in Asia

KL Saberi's financial trajectory raises practical questions for operators and suppliers interested in physical machine businesses or exporting casino systems. The sales concentration in one market and sustained losses through 2025 weaken evidence of a short-term scalable business model.

For companies evaluating cooperation or purchases, it is advisable to examine:

1. The sustainability of the production model relative to the 10,000-unit target for 2031.

2. The dependence on a single market (the Philippines) in recent years.

3. The overseas operating costs, including leases and local structure, which through August totalled KRW700 million in the Philippines.

Operators and suppliers following expansion into Macao or South America should request sales broken down by market and delivery schedules before committing.

What to watch next

Sales developments in 2026, the response of the strategic committee led by Kim Do-gyun, and any adjustment to the projected 2031 production targets will be key to assessing whether KL Saberi can reverse sustained losses. The documents submitted to Parliament and press reports such as those from GGRAsia and the Seoul Economic Daily will be the sources to watch to verify future results.

For sector context, readers can consult recent coverage in our [regulation](/regulation) section on oversight of international activities, and in [news](/news) for market updates in Asia.