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HomeNewsKangwon Land sees 1,000% profit increase in 1Q23, topping $76mln

Kangwon Land sees 1,000% profit increase in 1Q23, topping $76mln

The only casino in South Korea which allows locals to gamble, Kangwon Land, has reported a 1,001.6 percent quarterly increase in profit for the first quarter of this year, topping KRW101.53 billion ($76.71 million).

The figure significantly reverses the KRW5.84 billion ($4.41 million) loss registered in the same quarter of last year.

The results, released on Wednesday, indicate that the company received some KRW358.12 billion in sales during the quarter ($270.56 million), up 57.9 percent yearly, but just a 7 percent rise when compared to 4Q22.

According to the company’s reporting subdivisions, gross gaming revenues for the operator rose 58 percent yearly, topping KRW336.7 billion ($254.38 million), with a 78.9 percent rise in mass table revenue, to KRW155.4 billion ($117.41 million).

Slots were the second-highest revenue performer, at KRW138.7 billion ($104.78 million), up 57.2 percent yearly.

Meanwhile, the group’s membership club saw a 2.3 percent drop in yearly revenues, at just KRW30.4 billion ($22.96 million).

Total drop amount in the casino was KRW1.5 trillion ($1.13 billion), up 50.3 percent yearly.

Visitor numbers saw a 75 percent yearly surge in 1Q23, up to 624,500, of which foreign visitors totaled just 5,516 – still a 111.3 percent yearly increase.

Non-gaming sales also saw strong increases, up 50.4 percent yearly to KRW52.1 billion ($39.35 million).

Aside from integrated resorts operations, the group announced in January that it was entering the Philippine market as a gaming machine supplier – with machines it also supplies to its own casino.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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