Kangwon Land net profit up 64.2% in Q2
The casino operator has posted net profit of KRW149.8bn (US$107.9m) for the three months to June 30.
South Korea.- Kangwon Land has shared its financial results for the second quarter of the year. It posted net profit of KRW149.8bn (US$107.9m), up 59.5 per cent in quarter-on-quarter terms and 64.2 per cent when compared to the second quarter of 2023.
Gaming sales were up 3.8 per cent year-on-year but down 3.4 per cent sequentially at KRW305.4bn (US$220m). Non-gaming sales reached KRW32.3bn (US$23m), down 11.5 per cent year-on-year and down 37.8 per cent when compared to the previous quarter. Sales mainly came from the firm’s hotel operation, plus its condominium and skiing business.
Operating profit was down 3.1 per cent sequentially and down 10.4 per cent from last year at KRW73.4bn (US$52m).
In April, the casino operator announced a KRW2.5tn (US$1.85bn) investment plan dubbed K-HIT Project 1.0. It will triple the size of casino space by 2032. The company will aim to enhance the gaming experience for international visitors and align operational standards, including betting restrictions, with global benchmarks. The company also aims to increase non-gaming sectors, raising the proportion of non-casino sales from the current 13 per cent to 30 per cent.
