Kangwon Land reports net profit worth $56 million for third quarter of 2023

Casino operator Kangwon Land, based in South Korea, reported net profits for the third quarter of 2023 of KRW73.8 billion ($56.2 million), a 19.4% decrease from the second quarter and a 1.3% year-over-year reduction.

Located within the Kangwon Land Resort in the Kangwon area of South Korea, the organization operates the only casino in Korea that welcomes Korean nationals.

Sales increased by 12.9% over the previous quarter to KRW373.9 billion ($284.7 million), of which KRW320.1 billion ($243.7 million) came from gaming. Gross gaming revenues (GGR) decreased 7.7% year over year to KRW349.5 billion ($266.1 million). Slot machines had the greatest revenue performance, down 5% year over year to KRW146.6 billion ($107.8 million). Mass table revenue down 2.9%. The casino lost KRW1.47 trillion ($1.12 billion) in total.

A 12% increase from the previous quarter saw 642,362 patrons visit the Kangwon casino in the third quarter, including 6,039 overseas visitors. In addition to operating integrated resorts, the company announced in January that it would enter the Philippine market by providing gaming machines and equipment for its own casino.

Original story by: Asia Gaming Brief