South Korea’s Kangwon Land has posted sales and net income improvements during the third quarter of 2025, despite a yearly drop in operating income.
Kangwon Land’s sales for the third quarter of 2025 reached KRW383.7 billion ($265.5 million), a 6.4 percent rise from the previous quarter’s KRW360.7 billion ($249.2 million). Year-on-year, sales increased by 2.2 percent from KRW375.5 billion ($259.8 million) recorded in Q3 2024.
Operating income for the third quarter amounted to KRW71.9 billion ($49.7 million), marking a 24.2 percent increase compared to the previous quarter. However, it declined by 22.7 percent when compared to KRW93 billion ($64.3 million) from the same period last year.
Kangwon Land’s net income surged by 83.5 percent, reaching KRW112.3 billion ($77.5 million). This represents a significant year-on-year increase of 24.1 percent, compared to KRW90.4 billion ($62.5 million) in Q3 2024.
The company’s income before tax saw a strong 77.7 percent jump, totaling KRW143.9 billion ($99.3 million) in 3Q25, compared to the previous quarter. This also represents a 22.9 percent increase from KRW117.2 billion ($81.0 million) in 3Q24.
For the year-to-date period, Kangwon Land reported KRW1.11 trillion ($767.4 million) in sales, a 2.7 percent growth compared to KRW1.08 trillion ($745.5 million) recorded in the first nine months of 2024.
Kangwon Land introduced a dedicated foreigner-only gaming zone in February 2025, following government approval in September 2024 for a broader set of operational changes, including expansions to its casino area and adjustments to betting restrictions.
The foreigner-only floor was designed to attract more international visitors and align Kangwon Land with foreigner-exclusive casinos operating elsewhere in South Korea and the region. Kangwon Land is the only casino in South Korea that allows local residents to gamble.
Operating income for the first three quarters of 2025 totaled KRW204.3 billion ($141.0 million), a decline of 15.7 percent from KRW242.2 billion ($167.5 million) in the same period last year.
Cumulative net income amounted to KRW249.2 billion ($172.2 million), down by 27.7 percent from KRW344.6 billion ($238.3 million) registered in the first three quarters of 2024.
