Kangwon Land, Korea’s only casino accepting local patrons, reported on Monday a third-quarter net profit of KRW92 billion ($66.5 million), up 24.3 percent from a year earlier.
However, sequentially, the 3Q24 net profit declined by 42.6 percent from KRW160.3 billion ($115.8 million) in 2Q24.
This information comes from the firm’s unaudited financial results filed with the Korea Exchange.
Kangwon Land’s 3Q24 overall sales reached KRW375.5 billion ($271.4 million), a 0.6 percent increase year-on-year and up 11.2 percent sequentially.
The firm’s gaming sales for the three months ending September 30th stood at KRW320.4 billion ($232 million), primarily from mass-market table play and slot machines. This figure was flat year-on-year and up 4.9 percent sequentially.
Kangwon Land’s 3Q24 non-gaming sales amounted to KRW55.1 billion ($40 million), reflecting an increase of 3.3 percent from a year earlier and a substantial 70.7 percent rise sequentially. Non-gaming sales during this period mainly derived from the firm’s hotel operations, condominium business, and skiing activities.
The firm’s operating profit for the July to September period was KRW93.0 billion ($67 million), representing a 1.3 percent increase from a year ago and a 26.7 percent increase quarter-on-quarter.
Earlier this month, Kangwon Land announced a corporate value-up plan that includes a share buyback initiative and financial goals aimed for achievement by 2028.
The firm pledged to initiate a share buyback program totaling KRW100 billion ($73 million). The first phase will involve a buyback of KRW40 billion ($29 million) in 2024, with an additional KRW60 billion ($44 million) planned for 2025 and 2026.
