Kangwon Land, a casino and resort company in South Korea, has released its interim report on business performance for the first quarter of 2025, which indicates a blend of positive growth in sales and operating income, juxtaposed with declines in net income.
In the current period, Kangwon Land, known for being the only casino in South Korea where locals are permitted to gamble, reported sales of KRW365.8 billion ($254.9 million), marking a 6.2 percent increase from the previous quarter’s sales of KRW344.3 billion ($238.6 million).
However, this figure reflects a slight decline of 0.6 percent compared to the same period last year, when sales totaled KRW368.2 billion ($256.5 million). Cumulatively, year-to-date sales reached KRW365.8 billion ($254.9 million), amounting to a total of KRW1.4 trillion ($963.5 million) for the previous year.
Operating income demonstrated remarkable growth, soaring by 75.4 percent to KRW77.7 billion ($53.4 million) in the first quarter, up from KRW44.3 billion ($30.5 million) in the previous quarter.
This figure also represents a modest increase of 2.5 percent compared to the same quarter last year, where operating income stood at KRW75.8 billion ($52.2 million).
Despite the positive trends in sales and operating income, the company faced challenges in net income.
The net income from continuing operations before tax fell sharply by 26.5 percent to KRW101.2 billion ($69.8 million), down from KRW137.7 billion ($94.4 million) in the previous quarter and down 17.8 percent from KRW123.1 billion ($84.9 million) in Q1 of the previous year.
Kangwon Land’s net income for the current period also saw a significant decline, dropping by 31.1 percent to KRW78.0 billion ($54.0 million), compared to KRW113.3 billion ($77.9 million) in the previous quarter.
This figure also represents a decrease of 16.9 percent from the same period last year, when net income reached KRW93.9 billion ($64.6 million).
