HomeNewsSouth KoreaKangwon Land net profits slide 12 pct q-to-q in 2Q23

Kangwon Land net profits slide 12 pct q-to-q in 2Q23

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Korean gaming company Kangwon Land landed KRW89.2 billion ($68.5 million) in net profits for the second quarter of this year, up 138.3 percent from a year earlier, but a 12 percent drop from the previous quarter.

Kangwon Land operates the only casino in Korea to allow the admission of Koreans, inside the Kangwon Land Resort in in the Kangwon province area of South Korea.

The company’s sales revenues dropped by 7.5 percent quarter to quarter from the previous three-month period to some KRW331.1 billion ($253.5 million), of which KRW294.3 billion ($225,3 million) originated from gaming.

According to the company’s reporting subdivisions, gross gaming revenues dropped by 7.5 percent quarter to quarter to some KRW331.1 billion ($253.5 million), with a 5 percent drop in mass table revenue, to KRW158.3 billion ($121.1 million).

Slots were the second-highest revenue performer, at KRW135.2 billion ($103.4 million), less 2.5 percent quarter-to-quarter. Meanwhile, the group’s membership club saw a 2.3 percent drop to just KRW26.6 billion ($20.3 million).

Total drop amount in the casino reached KRW1.41 trillion ($1.08 billion).

A total of 576,206 visitors were reported to have entered the Kangwon casino between April and June, a 7.7 per cent quarter-to-quarter drop, with 5,303 foreigners registered.

Aside from integrated resort 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.

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