{"id":777017428,"date":"2024-07-22T09:36:07","date_gmt":"2024-07-22T12:36:07","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777017428"},"modified":"2026-04-22T07:56:56","modified_gmt":"2026-04-22T10:56:56","slug":"kangwon-land-net-profit-up-64-2-in-q2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-net-profit-up-64-2-in-q2","title":{"rendered":"Kangwon Land net profit up 64.2% in Q2"},"content":{"rendered":"\n<p>The casino operator has posted net profit of KRW149.8bn (US$107.9m) for the three months to June 30.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.-\u00a0<strong>Kangwon Land\u00a0<\/strong>has shared its financial results for the\u00a0second quarter of the year.\u00a0It posted net profit of KRW149.8bn (US$107.9m), up 59.5 per cent <a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-posts-net-profit-of-us68-1m-for-q1\" target=\"_blank\" rel=\"noreferrer noopener\">in quarter-on-quarter terms<\/a> and 64.2 per cent when compared to the <a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-net-profit-up-138-in-q2\" target=\"_blank\" rel=\"noreferrer noopener\">second quarter of 2023<\/a>.<\/p>\n\n\n\n<p><strong>Gaming sales<\/strong> were up 3.8 per cent year-on-year but down 3.4 per cent sequentially at KRW305.4bn (US$220m).\u00a0<strong>Non-gaming sales<\/strong> reached KRW32.3bn (US$23m), down 11.5 per cent year-on-year and down 37.8 per cent when compared to the previous quarter. Sales mainly came from the firm\u2019s hotel operation, plus\u00a0its condominium\u00a0and skiing business.<\/p>\n\n\n\n<p><strong>Operating profit <\/strong>was down 3.1 per cent sequentially and down 10.4 per cent from last year at KRW73.4bn (US$52m).<\/p>\n\n\n\n<p>In April, the casino operator announced <a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-announces-us1-85bn-expansion\" rel=\"noreferrer noopener\">a KRW2.5tn (US$1.85bn) investment plan<\/a> dubbed<strong> K-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>The casino operator has posted net profit of KRW149.8bn (US$107.9m) for the three months to June 30.<\/p>\n","protected":false},"author":176,"featured_media":27875,"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 Q2 net profit of KRW149.8bn (US$107.9m), marking a significant increase quarter-on-quarter and year-on-year, despite sequential declines in gaming and non-gaming sales. Concurrently, the operator unveiled the KRW2.5tn K-HIT Project 1.0, a strategic investment to triple casino space by 2032, enhance international visitor experience, and increase non-gaming revenue contribution from 13% to 30%.","focusai_entities":"Kangwon Land","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"K-HIT Project ROI?","query":"What is the projected return on investment and payback period for the KRW2.5tn K-HIT Project 1.0, particularly considering the 2032 completion timeline and the targeted shift in non-gaming revenue proportion?"},{"label":"Regulatory Impact?","query":"How will the planned alignment of operational standards and betting restrictions with global benchmarks impact Kangwon Land's existing B2C licensing conditions and regulatory compliance obligations in South Korea?"}],"footnotes":""},"categories":[16338,163],"tags":[16471],"class_list":["post-777017428","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\/777017428","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=777017428"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017428\/revisions"}],"predecessor-version":[{"id":777017463,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777017428\/revisions\/777017463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/27875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777017428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777017428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777017428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}