{"id":777002288,"date":"2023-02-10T13:37:56","date_gmt":"2023-02-10T16:37:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002288"},"modified":"2026-04-23T00:44:40","modified_gmt":"2026-04-23T03:44:40","slug":"kangwon-land-posts-net-profit-of-us7-3m-for-q4","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-posts-net-profit-of-us7-3m-for-q4","title":{"rendered":"Kangwon Land posts net profit of US$7.3m for Q4"},"content":{"rendered":"\n

Kangwon Land’s net profit for the three months ended December was down 87.7 per cent when compared to the previous quarter.<\/p>\n\n\n\n\n\n\n\n

South Korea.- The South Korean casino Kangwon Land <\/strong>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<\/a>. <\/p>\n\n\n\n

Fourth-quarter sales reached KRW334.7bn<\/strong>, 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/strong>, a 48.7 per cent increase from the previous year.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/a> last April.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kangwon Land’s net profit for the three months ended December was down 87.7 per cent when compared to the previous quarter.<\/p>\n","protected":false},"author":176,"featured_media":17776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land reported a substantial year-on-year improvement in Q4 2022 net profit and GGR, driven by the normalization of casino operations post-COVID-19 restrictions in South Korea. However, the quarter-on-quarter performance showed a significant decline in net profit and sales, indicating potential seasonality or operational shifts. Mass gaming and slot verticals demonstrated robust growth, while the membership club segment experienced a GGR decrease.","focusai_entities":"Kangwon Land","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"QoQ Profit Decline Impact?","query":"How does the significant quarter-on-quarter net profit decline impact Kangwon Land's capital allocation strategy and future investment plans, particularly given the full-year recovery?"},{"label":"Membership Club Strategy?","query":"What factors are driving the 21.7% GGR decrease in the 'membership club' segment, and what mitigation strategies are being implemented to address this VIP performance divergence?"}],"footnotes":""},"categories":[16338,163],"tags":[16471],"class_list":["post-777002288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-kangwon-land"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002288"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002288\/revisions"}],"predecessor-version":[{"id":777002328,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002288\/revisions\/777002328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17776"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}