{"id":777010973,"date":"2023-11-10T03:09:26","date_gmt":"2023-11-10T06:09:26","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010973"},"modified":"2026-04-22T16:19:48","modified_gmt":"2026-04-22T19:19:48","slug":"kangwon-land-net-profit-down-19-4-in-q3","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-net-profit-down-19-4-in-q3","title":{"rendered":"Kangwon Land net profit down 19.4% in Q3"},"content":{"rendered":"\n<p>The casino operator has posted a net profit of KRW73.8bn.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.-&nbsp;<strong>Kangwon Land<\/strong>, the only casino in South Korea that allows locals to enter, has shared its financial results for the third quarter of the year. It posted a net profit of KRW73.8bn (US$56.2m), down 1.3 per cent in year-on-year terms and 19.4 per cent&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-net-profit-up-138-in-q2\" target=\"_blank\">when compared to the previous quarter<\/a>.<\/p>\n\n\n\n<p>The company&#8217;s sales revenues increased by 12.9 per cent quarter to quarter from the previous three-month period, reaching KRW373.9bn (US$284.7m), with KRW320.1bn (US$243.7m) originating from gaming activities.<\/p>\n\n\n\n<p>Gross gaming revenue (GGR) fell 7.7 per cent year-on-year to KRW349.5bn (US$266.1m), including a 2.9 per cent reduction in mass table revenue at KRW165.8bn (US$126.2m).\u00a0Slots were the highest revenue performer, generating KRW146.6bn (US$107.8m), a 5 per cent decrease year-on-year. The company&#8217;s membership club saw a 28.9 per cent yearly drop to KRW42.1bn (US$32.1m). The total drop was KRW1.47tn (US$1.12bn).<\/p>\n\n\n\n<p>During the third quarter of 2023, 642,362 visitors entered the Kangwon casino, a 12 per cent quarter-to-quarter increase. There were 6,039 foreigners.\u00a0Apart from its integrated resort operations, Kangwon Land has entered the Philippine market as\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-opens-manila-sales-office-for-slot-brand\" target=\"_blank\">a gaming machine supplier<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The casino operator has posted a net profit of KRW73.8bn.<\/p>\n","protected":false},"author":176,"featured_media":12521,"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, South Korea's sole casino permitting local patronage, reported a Q3 net profit of KRW73.8bn, a 1.3% year-on-year decrease, despite a 12.9% quarter-on-quarter increase in sales revenue. Gross Gaming Revenue (GGR) declined 7.7% year-on-year, with slots being the highest performer. Concurrently, the operator has expanded its B2B footprint by entering the Philippine market as a gaming machine supplier.","focusai_entities":"Kangwon Land","focusai_location":"South Korea, Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.75), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GGR Decline Strategy?","query":"What is the strategic rationale behind Kangwon Land's GGR decline despite increased visitor numbers, and how does this impact its long-term market positioning?"},{"label":"Philippine Market Impact?","query":"How will Kangwon Land's entry into the Philippine B2B gaming machine supply market affect its capital allocation strategy and overall revenue diversification objectives?"}],"footnotes":""},"categories":[16338,163],"tags":[16471,23907],"class_list":["post-777010973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-kangwon-land","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010973","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=777010973"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010973\/revisions"}],"predecessor-version":[{"id":777040988,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010973\/revisions\/777040988"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12521"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}