South Korean casino operator Kangwon Land reported net profits of KRW73.8 billion ($56.2 million) for 3Q23, a 19.4 percent decrease from 2Q23 and a slight 1.3 percent decline on a year-on-year basis.
Kangwon Land operates the only casino in Korea that allows the admission of Koreans, located inside the Kangwon Land Resort in the Kangwon province area of South Korea.
The company’s sales revenues increased by 12.9 percent quarter to quarter from the previous three-month period, reaching KRW373.9 billion ($284.7 million), with KRW320.1 billion ($243.7 million) originating from gaming.
According to the company’s reporting subdivisions, gross gaming revenues (GGR) dropped by 7.7 percent year-on-year to KRW349.5 billion ($266.1 million), with a 2.9 percent drop in mass table revenue, totaling KRW165.8 billion ($126.2 million).
Slots were the highest revenue performer so far this year, at KRW146.6 billion ($107.8 million), a 5 percent decrease year-on-year. Meanwhile, the group’s membership club saw a 28.9 percent yearly drop to KRW42.1 billion ($32.1 million).
The total drop amount in the casino reached KRW1.47 trillion ($1.12 billion).
A total of 642,362 visitors were reported to have entered the Kangwon casino in 3Q23, a 12 percent quarter-to-quarter increase, with 6,039 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.
