Kangwon Land posts net profit of US$7.3m for Q4

Kangwon Land recorded 573,678 visitors in Q4.
Kangwon Land recorded 573,678 visitors in Q4.

Kangwon Land’s net profit for the three months ended December was down 87.7 per cent when compared to the previous quarter.

South Korea.- The South Korean casino Kangwon Land has shared its financial results for the fourth quarter of the year 2022. Net profit of KRW9.2bn (US$7.3m) was a significant improvement from the previous year, which saw a net loss of KRW11bn. However, quarterly net profit was down 87.7 per cent from the previous quarter.

Fourth-quarter sales reached KRW334.7bn, a decrease of 15.8 per cent from the previous quarter but an increase of 38.2 per cent year-on-year. Gaming sales amounted to KRW294.1bn, a year-over-year increase of 36.9 per cent and a sequential decrease of 14.4 per cent.

Gross gaming revenue (GGR) in the quarter rose 36.3 per cent on year-on-year terms to KRW322.8bn, with KRW155.4bn coming from mass gaming table play and KRW134bn from slot machines, both of which saw year-on-year growth outpacing the overall increase in GGR.

The company’s “membership club” gaming segment saw a decrease in GGR of 21.7 per cent to KRW33.5bn for the quarter. Kangwon Land saw sales growth in most non-gaming segments in the fourth quarter, with sales reaching KRW40.6bn, a 48.7 per cent increase from the previous year.

Kangwon Land received 573,678 visitors in the reporting period, an 89.1 per cent year-on-year increase, with the majority being local customers.

Full-year net income for 2022 was KRW115.6bn, which the company attributed to the normalization of the “casino operation environment” in South Korea after the removal of Covid-19-related social distancing policies last April.

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