Kangwon Land Inc, operator of Kangwon Land (pictured), a South Korean resort with the only casino in the country open to locals, reported 24.1-percent year-on-year growth in its third-quarter net profit, to approximately KRW112.29 billion (US$78.1 million).
Such figure for the three months to September 30 was recorded as the company saw a 167.6-percent year-on-year rise in “financial profit”, which stood at KRW73.4 billion for the period. The company said the increase was due to financial asset -related “gains from the disposal and fair value measurement”, without giving further details.
Third-quarter net profit was up 83.5 percent on the second quarter’s.
The performance figures were according to unaudited results the casino operator filed to the Korea Exchange on Tuesday, plus information in an earnings presentation deck.
Kangwon Land Inc’s third-quarter sales reached KRW383.66 billion, with most of them, i.e., KRW333.7 billion, classified as casino sales.
Quarterly casino sales – mostly via gaming revenue generated from mass tables and slot machines – grew 4.2 percent year-on-year, and up 0.7 percent from second quarter’s KRW331.5 billion.
Kangwon Land Inc’s third-quarter drop – the amount clients exchanged for gaming chips – rose by 6.9 percent to KRW1.60 trillion, a sequential increase of about 8.8 percent.
The company’s third-quarter non-gaming sales were down 9.4 percent year-on-year to KRW50.0 billion. They were nonetheless up 71.2 percent from the previous quarter.
The casino operator’s operational costs – inclusive of wages and contributions to local funds – rose 10.4 percent year-on-year to KRW311.8 billion in the reporting period.
The third-quarter results took Kangwon Land Inc’s cumulative sales for the first nine months of this year to circa KRW1.11 trillion, up 2.7 percent year-on-year.
Cumulative net profit for the company for the January to September period was nearly KRW249.22 billion, down 27.7 percent year-on-year.
