Kangwon Land Slot Machine Business Reports US$11M Loss Over 6 Years

Kangwon Land Inc’s slot machine manufacturing business faced a financial loss of KRW14.81 billion or $11 million for the years 2020 to 2025, based on the data provided by Kangwon Land Inc to the National Assembly of South Korea.

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Kangwon Land got into the slot machine manufacturing business in 2017. The company had set long-term targets for significant production, revenue, and profit growth, but the KL Saberi business has continued to record annual losses. 

Annual Losses Continue to Grow

According to KL Saberi, it incurred a loss of KRW1.40 billion in 2020. It was a trend that prevailed throughout the next few years since South Korean media estimated that the company’s yearly losses expanded to approximately KRW3.4 billion in 2025.

The total loss incurred by KL Saberi for six years, totaling KRW14.81 billion, was made between 2020 and 2025. The figures show that the manufacturing operation has not reported an annual profit during that time.

Previously, Kangwon Land had forecasted a production of 10,000 slot machines annually starting from 2031 for their slot machine venture. Kangwon Land also forecasted an annual turnover of KRW500 billion and an annual net profit of KRW200 billion.

The available figures show a different outcome so far. The business has continued to report losses while expanding its sales efforts outside South Korea.

Philippines Sales Office Faces Questions

The report also raised questions about the operation of Kangwon Land’s Philippines sales office. The office was opened in 2022 as part of the company’s effort to expand its overseas slot machine business.

According to the Seoul Economic Daily, Kangwon Land spent around KRW700 million on office, housing, and vehicle leases in the Philippines through August this year. The report reviewed the costs alongside the sales recorded in the market.

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KL Saberi sold 20 machines in the Philippines in 2023. Sales increased to 42 units in 2024, but the company recorded no sales in the country during 2025.

As of this year, the company had sold 6 machines in the Philippines. The 68 machines sold in the market since the office opened represented 88.3% of the 77 KL Saberi machines sold worldwide during the same period.

The Philippines has therefore accounted for most of the brand’s global sales following the opening of the office. However, the absence of Philippine sales in 2025 and the costs connected to the office were included in the concerns raised by the report.

Overseas Expansion Continues

KL Saberi has continued to seek opportunities outside South Korea. In 2024, the brand said it was targeting expansion into the Macau market.

The company also entered South America through a 40-machine installation in Montevideo, Uruguay. The development followed earlier sales in the Philippines.

The slot machine business is among the areas connected to Kangwon Land’s wider overseas growth plans. The KL Saberi unit’s reported losses and the sales performance of its Philippines office come as the company reviews its strategic initiatives under new leadership.

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Source: GGR Asia