{"id":777015359,"date":"2024-05-09T09:39:50","date_gmt":"2024-05-09T12:39:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777015359"},"modified":"2026-04-22T10:25:39","modified_gmt":"2026-04-22T13:25:39","slug":"kangwon-land-posts-net-profit-of-us68-1m-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-posts-net-profit-of-us68-1m-for-q1","title":{"rendered":"Kangwon Land posts net profit of US$68.1m for Q1"},"content":{"rendered":"\n<p>Kangwon Land\u2019s net profit was up 26 per cent&nbsp;when&nbsp;compared to the previous quarter.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.-&nbsp;<strong>Kangwon Land&nbsp;<\/strong>has shared its financial results for the&nbsp;first quarter of the year.&nbsp;It posted a net profit of KRW92.9bn (US$68.1m), down 8.5 per cent in year-on-year terms but up 26 per cent&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-posts-net-income-of-us260m-for-2023\" rel=\"noreferrer noopener\">when&nbsp;compared to the fourth quarter of 2023<\/a>.<\/p>\n\n\n\n<p>Gaming sales were up 3.3 per cent year-on-year and up 10.7 per cent sequentially to KRW316.2bn (US$231.1bn).\u00a0The figure represented 85.8 per cent of the firm\u2019s overall sales, which\u00a0reached\u00a0KRW368.4bn (US$270m).<\/p>\n\n\n\n<p>Non-gaming sales reached KRW52.2bn (US$38.1bn), flat from a year ago but up by 31 per cent from the previous quarter. Sales mainly came from the firm\u2019s hotel operation, plus\u00a0its condominium\u00a0and skiing business.<\/p>\n\n\n\n<p>Operating profit was up 95.8 per cent sequentially and up 8.5 per cent from last year at KRW75.9bn (US$55.7m).<\/p>\n\n\n\n<p>In April,\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-announces-us1-85bn-expansion\" target=\"_blank\" rel=\"noreferrer noopener\">Kangwon Land unveiled a KRW2.5tn (US$1.85bn) investment plan<\/a>\u00a0dubbed<strong>\u00a0K-HIT Project 1.0<\/strong>. It will triple the size of casino space by 2032. The company will aim to enhance the gaming experience for international visitors and align operational standards, including betting restrictions, with global benchmarks. The company also aims to increase non-gaming sectors, raising the proportion of non-casino sales from the current 13 per cent to 30 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kangwon Land\u2019s net profit was up 26 per cent&nbsp;when&nbsp;compared to the previous quarter.<\/p>\n","protected":false},"author":176,"featured_media":10682,"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 Q1 net profit of KRW92.9bn, up 26% sequentially, with gaming sales increasing 10.7% quarter-on-quarter. Concurrently, the operator unveiled a KRW2.5tn investment plan, 'K-HIT Project 1.0,' aimed at tripling casino space by 2032, enhancing international visitor experience, and diversifying non-gaming revenue to 30% of total sales.","focusai_entities":"Kangwon Land","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.78), operator_casino (0.9), marketing_crm (0.7), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"K-HIT Project Funding?","query":"What are the specific funding mechanisms and capital allocation strategies for Kangwon Land's KRW2.5tn K-HIT Project 1.0, and what is the projected ROI timeline for this significant capital expenditure?"},{"label":"International Visitor Strategy?","query":"Beyond tripling casino space, what specific operational enhancements and marketing initiatives will Kangwon Land implement to attract and cater to international visitors, and how will 'global benchmark' betting restrictions be applied?"}],"footnotes":""},"categories":[16338,163],"tags":[16471],"class_list":["post-777015359","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\/777015359","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=777015359"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015359\/revisions"}],"predecessor-version":[{"id":777015384,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015359\/revisions\/777015384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10682"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777015359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777015359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777015359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}