Kangwon Land sees 5.2% increase in net income

In comparison to the previous quarter, Kangwon Land Inc., the operator of Kangwon Land, a South Korean resort with the nation’s sole casino exclusively for local players, recorded a 5.2 percent increase in net income attributable to its owners in the fourth quarter.

The Korea Exchange on Wednesday received a filing stating that the net income for the three months ending December 31 was about KRW77.99 billion (US$58.7 million). This figure was a staggering 746.1 percent more than it was at the same point last year.

Revenue for Kangwon Land Inc.’s fourth quarter, which came to KRW325.35 billion, fell by 13.0% on a sequential basis. Revisions in revenue were down 2.8% annually.

The casino’s gross gaming revenue (GGR) for the fourth quarter was KRW313.8 billion, according to a second results presentation made the same day. This represents a decrease of 10.2 percent from the previous quarter and 2.8 percent from the same period last year.

Mass-table GGR for the three months that ended on December 31 was KRW151.4 billion, which was lower than the same period last year by 2.6 percent and lower than the preceding quarter by 8.7 percent.

With a GGR of KRW32.0 billion, the gaming operations’ “membership club” segment had a 24.0 percent sequential decline and a 4.5 percent decrease from the fourth quarter of 2022.

The GGR of slot machines decreased by 7.8% quarterly to KRW130.5 billion, and by 2.6 percent on an annual basis.

In the fourth quarter of 2023, Kangwon Land Casino had 569,957 visitors, an 11.3% decrease from the previous quarter. The majority of these visitors were South Koreans.

For the fiscal year 2023, Kangwon Land Inc. reported net income attributable to shareholders of KRW345.15 billion, a 198.5 percent increase from the year before. Year-over-year growth in sales was 9.3%, with a total of almost KRW1.39 trillion.

Original story by: GGRAsia