Kangwon Land sales increase in Q4
Sales were up 5.9 per cent year-on-year.
South Korea.- Kangwon Land has shared its financial results for the fourth quarter of 2024. The casino operator posted sales of KRW344.34bn (US$239.7m), up 5.9 per cent year-on-year but down 8.3 per cent compared to the third quarter of the year. Gaming sales accounted for KRW303bn, up 6.1 year-on-year but down 5.4 per cent sequentially. Non-gaming sales were KR41.6bn, up 4.5 per cent year-on-year but down 25.1 per cent compared to the previous quarter.
The company’s gross gaming revenue (GGR) was up 6.2 per cent year-on-year but down 5.8 per cent quarter-on-quarter at KRW333.3bn. Net profit increased by 50.1 per cent year-on-year and 21.8 per cent quarter-on-quarter to KRW110.7bn. Operating income was KRW41.77bn, down 55.1 per cent sequentially but up 4.9 per cent year-on-year, and net income was up 61 per cent year-on-year and 23.2 per cent quarter-on-quarter at KRW111.46bn.
For full-year 2024, the operator posted net income of KRW455.38bn (US$317.0m), a rise of 33.6 per cent when compared to the previous year. Sales revenues increased by 2.8 per cent year-on-year, reaching KRW1.43tn. Operating income was flat at KRW283.28bn.
In December, Kangwon Land allocated KRW179.6bn (US$128m) to develop a second casino as part of its wider development plan worth KRW2.5tn (US$1.78bn). This initiative aims to address the issue of overcrowding in the existing casino. The new casino space will be housed within the B1, B2 and ground floors of the High1 Grand Hotel Main Tower. The construction phase began last December, with completion targeted for December 2027.
The expansion will increase the casino area from 14,512 square metres to 20,260 square metres. The number of gaming tables will rise from 200 to 250, while slot machines and other gaming units will increase from 1,360 to 1,610.
