Kangwon Land posts net income of US$260m for 2023

Net income was up 199 per cent in year-on-year terms.

South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has shared its financial results for the year 2023. It posted a net income of KRW345bn (US$260m), up 199 per cent when compared to the previous year.

The company’s sales revenues increased by 9.3 per cent year-on-year, reaching KRW1.39tn (US$1.04bn), with net income from continuing operations before income tax reaching KRW461bn (US$347m), up 175 per cent. Operating income was up 31.3 per cent in year-on-year terms to KRW286bn (US$215m).

For the fourth quarter of 2023, the casino operator posted net income of KRW77.8bn (US$56.6m), up 5.2 per cent quarter-on-quarter and up 746 per cent when compared to the previous year. Sales revenues were down 13 per cent quarter-on-quarter to KRW325.3bn (US$245m). Net income from continuing operations before income tax was up 7.9 per cent quarter-on-quarter to KRW105m (US$79.4m). The figure was also up 304 per cent in year-on-year terms.