Kangwon Land Sees 24% YOY Increase in Net Income for 3Q24

Kangwon Land, South Korea’s only casino that caters to local residents, has reported a notable financial performance for the third quarter of 2024.

The casino’s net income rose by 24% year-on-year, reaching approximately KRW 62.5 billion (about USD 46.5 million). This growth is primarily driven by a strong showing in the mass gaming segment.

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In its latest earnings report, Kangwon Land revealed total revenue of KRW 235.5 billion (around USD 172.5 million) for the quarter. Of this, the mass gaming segment accounted for KRW 199.3 billion (approximately USD 146 million), reflecting a 7 percent sequential increase compared to the previous quarter.

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While this was the case, however, AsiaGamingBrief reported that the 3Q24 net profit declined by 42.6 percent from KRW160.3 billion ($115.8 million) in 2Q24.
The strong demand for gaming options among South Korean citizens underscores the casino’s appeal in the domestic market.

The positive results highlight Kangwon Land’s pivotal role within South Korea’s gaming landscape, showcasing the growing interest in gaming among local patrons.

Kangwon Land’s impressive revenue growth not only solidifies its position as a leader in the market but also has broader implications for the South Korean iGaming industry.

As more residents engage with gaming, the landscape may evolve to include expanded options and increased investments, contributing to the overall growth of the sector.

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