May 10, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  
Kangwon Land Inc, promoter of Kangwon Land (pictured), the only South Korean casino resort permitted to let locals gamble, swung to a net profit attributable to the shareholders of the parent, amounting to KRW101.54 billion (US$76.6 million) in the first quarter of 2023, compared to a net loss of KRW5.85 billion in the prior-year quarter.
Such profit for the three months to March 31 was up 1,001.6 percent on the KRW9.22 billion made in the fourth quarter last year, the company said in a Wednesday filing to the Korea Exchange.
The latest quarterly result was on sales of KRW358.12 billion, which were up 7.0 percent quarter-on-quarter, and up 57.9 percent from the first quarter of 2022.
First-quarter 2023 gaming sales – expressed to one decimal point in a separate earnings deck – were KRW306.0 billion, up 59.2 percent year-on-year.
Mass-market table games gross gaming revenue (GGR) was KRW167.6 billion, up 78.9 percent from the prior-year quarter. Membership club GGR was down 2.3 percent year-on-year in the first quarter, at KRW30.4 billion.
Slot machine GGR for the first quarter was KRW138.7 billion, a rise of 57.2 percent from a year earlier. That gave total GGR for the quarter of KRW336.7 billion, up 58.0 percent from a year ago.
The drop amount for the first three months was KRW1.50 trillion, a 50.3 percent improvement from the first period of 2022.
Non-gaming sales in first quarter this year were KRW52.1 billion, up 50.4 percent. Of that, KRW27.4 billion was in hotel sales.
Kangwon Land Inc’s first-quarter operating income was up 561.9 percent year-on-year, at KRW69.69 billion.
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