South Korea’s Kangwon Land reported net income of KRW92.9 billion ($68 million) for the first quarter of this year, marking a 26 percent increase from 4Q23, but down 8.5 percent from the same period in 2023.
Kangwon Land operates the only casino in Korea admitting locals, located within the Kangwon Land Resort in South Korea’s Kangwon province.
The company’s sales revenues increased by 13.2 percent to KRW368 billion ($270 million) compared to the previous quarter, with net income from continuing operations before income tax reaching KRW122 billion ($90 million) in 1Q24, a 21 percent increase.
According to Wednesday’s filing, the casino operator also reported an operating income of KRW75.9 billion ($55.7 million), up 95.8 percent from the previous quarter.
The company announced its IR revamp plan earlier last month. Kangwon Land is planning to invest $1.9 billion in transforming its casino into a luxurious integrated resort.
This revamp includes a significant expansion of the gaming floor, addition of more hotels, construction of a sky bridge, and the integration of various leisure facilities.
CEO Choi Cheol-Gyu emphasized the expansion of the gaming floor to address the current shortage of seating, with plans to increase it from 15,486 square meters to 49,500 square meters.
