Kangwon Land reports Q1 results
Sales were down 0.6 per cent year-on-year.
South Korea.- Kangwon Land has shared its financial results for the first quarter of 2025. The casino operator posted sales of KRW365.8bn (US$239.7m), up 6.2 per cent in quarter-on-quarter terms but down 0.6 per cent year-on-year. Non-gaming sales accounted for KRW49bn (US$32.11m), down 5.7 year-on-year but up 18.6 per cent sequentially. Gaming sales were KRW316.8bn (US$207.59m), up 0.2 per cent year-on-year and up 4.6 per cent compared to the previous quarter.
The company’s gross gaming revenue (GGR) was down 0.5 per cent year-on-year but up 3.3 per cent quarter-on-quarter at KRW344.4bn (US$225.68m). Mass table GGR was down 0.5 per cent year-on-year to KRW160.4bn (US$105.11m) while slot machine revenue was down 2 per cent to KRW135.3bn (US$88.66m). VIP Membership Club GGR grew by 4.2 per cent in year-on-year terms to KRW48.7bn (US$31.91m).
Net profit increased by 75.4 per cent year-on-year and 2.5 per cent quarter-on-quarter to KRW77.7bn (US$53.4m). Net income from continuing operations before tax was KRW101.2bn (US$69.8m), down 26.5 per cent sequentially and down 17.8 per cent year-on-year. Net profit was KRW78bn (US$54m), down 31.1 per cent sequentially and down 16.9 per cent in year-on-year terms.
