Kangwon Land Inc, operator of Kangwon Land (pictured), a South Korean resort with the only casino in that country open to locals, saw its first-quarter net income fall 16.9 percent year-on-year, and dip by 31.1 percent quarter-on-quarter.
Net income for the first three months of 2025 was just over KRW78.0 billion (US$54.3 million), compared to KRW93.9 billion a year earlier, and just under KRW113.3 billion in the fourth quarter of 2024.
The information was given in a Tuesday filing to the Korea Exchange.
In a separate earnings deck issued by the company, it said margin on net income was down 4.2 percentage points year-on-year, and down 11.6 percentage points sequentially, at 21.3 percent.
The result for the period to March 31 this time, was on sales that fell 0.6 percent year-on-year, but that were up 6.2 percent sequentially, at KRW365.8 billion.
The earnings deck said gaming sales were KRW316.8 billion, down 0.2 percent from a year ago, but up 4.6 percent compared to the fourth quarter 2024.
Mass table revenue was KRW160.4 billion, down 0.5 percent year-on-year. Membership club revenue – classified as VIP play – was KRW48.7 billion, up 4.2 percent from the same period a year earlier.
First-quarter casino drop – the amount paid for chips – was just over KRW1.45 trillion, a 5.5 percent gain year-on-year.
Slot machine sales in the opening quarter of 2025 were KRW135.3 million, down 2.0 percent from a year ago.
The number of casino visitors in the three months to March 31 this year, was 621,035, up 2.7 percent year-on-year. The tally of foreign visitors within that total was up 16.2 percent year-on-year, from a modest base of 6,725.
Despite its unique position in the South Korea market by being able to serve locals, the resort has been revamping faciities with a view to boosting its general consumer appeal, including to foreigners.
Non-gaming sales for the first three months this year, were KRW49.0 billion, down 5.7 percent year-on-year, though up 18.6 percent quarter-on-quarter.
According to the company, first-quarter operating income was up 2.5 percent year-on-year, and leapt 75.4 percent quarter-on-quarter, to nearly KRW77.7 billion.
No commentary was given for the yearly and quarterly variations.
