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Kangwon Land reports 2023 net income surges 200% to $260M

South Korean casino operator Kangwon Land reported net income of KRW345 billion ($260 million) for 2023, marking a 199 percent increase from 2022.

Kangwon Land operates the only casino in Korea admitting Koreans, located within the Kangwon Land Resort in South Korea’s Kangwon province.

The company’s sales revenues increased 9.3 percent annually to KRW1.39 trillion ($1.04 billion), with net income from continuing operations before income tax reaching KRW461 billion ($347 million) in 2023, a 175 percent increase.

According to Wednesday’s filing, the casino operator also reported an operating income of KRW286 billion ($215 million), up 31.3 percent from the previous year.

Fourth quarter of 2023

In the fourth quarter of 2023, Kangwon Land reported a net income of KRW77.8 billion ($56.6 million), representing a 5.2 percent increase from 3Q23 and a seven-fold (746 percent) increase year-on-year.

Sales revenues fell by 13 percent quarter-over-quarter, reaching KRW325.3 billion ($245 million).

Net income from continuing operations before income tax saw a 7.9 percent increase to KRW105 million ($79.4 million) in 4Q23 from 3Q23, marking a 304 percent increase year-on-year.

Operating income in the last quarter of 2023 declined sharply by 54 percent to KRW42 million ($31.6 million) from the previous quarter but was up 128 percent annually.

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