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