Kangwon Land posts net profit of US$76.6m for Q1

Kangwon Land’s net profit was up 1,002 per cent when compared to the previous quarter.

South Korea.- Kangwon Land has shared its financial results for the first quarter of the year. It posted a net profit of KRW101.54bn (US$76.6m) compared to a net loss of KRW5.85bn of for Q1 2022. The figure was up 1,001.6 per cent in quarter-on-quarter terms.

Fourth-quarter sales reached KRW358.12bn, up 7 per cent from the previous quarter and 57.9 per cent year-on-year. Gaming sales amounted to KRW306bn, a year-over-year increase of 59.2 per cent.

Gross gaming revenue (GGR) for mass-market table games increased by 78.9 per cent, reaching KRW167.6bn. In contrast, membership club GGR experienced a decrease of 2.3 per cent to KRW30.4bn.

Slot machine GGR rose 57.2 per cent from last year to KRW138.7bn, and total GGR for the quarter reached KRW336.7bn, up 58 per cent. The drop (the amount of money exchanged for chips) rose 50.3 per cent to KRW1.50tn. Non-gaming sales also saw positive growth, up a 50.4 per cent to KRW52.1bn, with KRW27.4bn from hotel sales.

Kangwon Land Inc’s operating income for the first quarter increased by 561.9 per cent year-on-year to KRW69.69bn.

South Korean casino market sees 64.2% revenue growth in 2022

The Ministry of Culture, Sports and Tourism has reported that gambling revenue in South Korea grew by 64.2 per cent year-on-year in 2022, from KRW1.18tn to KRW1.94tn (US$1.47bn). The growth was attributed to the return of casino visitors after the Covid-19 pandemic. Visitors rose by 105.4 per cent to nearly 3.19 million compared to just over 1.55 million in 2021.

The ministry’s statistics show that foreigner-only casinos only accounted for 34.7 per cent of all casino visits in 2022. Total visits were just under 1.11 million.

According to the ministry, the figures include bad debt, complimentary allowances, and commissions, so they differ from those released by the industry. For 2022, the operator GKL posted revenue of KRW265.16bn (US$207.23m), up 196 per cent compared with 2021. Paradise Co posted revenue of KRW350.68bn (US$274.5m), up 40.5 per cent.