The casino operator has posted net income of KRW91.98bn (US$66.5m) for the three months to September 30.<\/p>\n\n\n\n\n\n\n\n
South Korea.- Kangwon Land <\/strong>has shared its financial results for the third quarter of the year. It posted a net income of KRW91.98bn (US$66.5m), up 24.3 per cent in year-on-year terms<\/a> but down 42.6 per cent compared to the second quarter of the year<\/a>.<\/p>\n\n\n\n Gaming sales<\/strong>\u00a0were up 4.9 per cent sequentially but flat in year-on-year terms at KRW320.4bn (US$231.51m).\u00a0Gross gaming revenue (GGR) rose by 1.2 per cent compared to last year, reaching KRW353.8bn (US$255.69m). KRW161.1bn (US$116.52m) was attributed to mass tables, which saw a decline of 2.8 per cent in year-on-year terms. <\/p>\n\n\n\n GGR from membership club play amounted to KRW47.6bn (US$34.41m), a 13.2 per cent year-on-year increase. GGR from slot machines was KRW145.1bn (US$104.91m), up 2.4 per cent year-on-year.<\/p>\n\n\n\n The casino recorded 646,892 visitors in the third quarter of the year. That’s a rise of 0.7 per cent in year-on-year terms and a rise of 18.4 per cent compared to the second quarter of the year.<\/p>\n\n\n\n Non-gaming sales<\/strong> reached KRW55.1bn (US$39.87m), up 70.7 per cent quarter-on-quarter and up 3.3 per cent compared to the third quarter of 2023. The majority of non-gaming revenue (KRW29.9bn – US$21.62m), came from the hotel sector. Compared to the previous year, hotel sales remained stable but showed a 35.9 per cent increase quarter-on-quarter.<\/p>\n\n\n\n Operating income was up 26.7 per cent sequentially and up 1.3 per cent year-on-year to KRW93.04bn (US$67.26m). Cumulatively, net income was nearly KRW346.09bn (US$250.41m) in the first nine months of the year, up 29.8 per cent year-on-year. Sales amounted to KRW1.08tn (US$781.43m), up 1.8 per cent from a year earlier while operating income reached KRW242.24bn (US$175.18m).<\/p>\n\n\n\n A week ago Kangwon Land\u00a0<\/strong>announced a\u00a0Corporate Value-up Plan\u00a0<\/strong>intended to increase its corporate value. It aims to achieve\u00a0a shareholder payout ratio of 60 per cent by 2026<\/strong>. To these ends, it intends to increase its\u00a0dividend payout ratio to at least 50 per cent<\/strong>\u00a0and introduce a three-year share buy-back programme worth KRW100bn (US$72.9m).<\/p>\n\n\n\n The operator will buy-back up to KRW40bn (US$29.5m) of shares this year. It will follow that with KRW60bn (US$44m) in buy-backs in 2025 and 2026. The casino operator aims to attain a price-to-book (PBR) ratio of 1.2 times by 2026 and achieve 100 per cent compliance with key corporate governance indicators.<\/p>\n\n\n\n