Kangwon Land net profit down 19.4% in Q3
The casino operator has posted a net profit of KRW73.8bn.
South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has shared its financial results for the third quarter of the year. It posted a net profit of KRW73.8bn (US$56.2m), down 1.3 per cent in year-on-year terms and 19.4 per cent when compared to the previous quarter.
The company’s sales revenues increased by 12.9 per cent quarter to quarter from the previous three-month period, reaching KRW373.9bn (US$284.7m), with KRW320.1bn (US$243.7m) originating from gaming activities.
Gross gaming revenue (GGR) fell 7.7 per cent year-on-year to KRW349.5bn (US$266.1m), including a 2.9 per cent reduction in mass table revenue at KRW165.8bn (US$126.2m). Slots were the highest revenue performer, generating KRW146.6bn (US$107.8m), a 5 per cent decrease year-on-year. The company’s membership club saw a 28.9 per cent yearly drop to KRW42.1bn (US$32.1m). The total drop was KRW1.47tn (US$1.12bn).
During the third quarter of 2023, 642,362 visitors entered the Kangwon casino, a 12 per cent quarter-to-quarter increase. There were 6,039 foreigners. Apart from its integrated resort operations, Kangwon Land has entered the Philippine market as a gaming machine supplier.
