Kangwon Land Inc, operator of Kangwon Land (pictured) – a resort with the only casino in South Korea open to locals – reported on Friday a second-quarter net profit of KRW149.8 billion (US$107.9 million), up 64.2 percent from a year earlier. Judged sequentially, second-quarter net profit rose by 59.5 percent from the KRW93.9 billion in the opening quarter of 2024.
That is according to the firm’s unaudited financial results filed to the Korea Exchange, and information on the company’s website.
Kangwon Land Inc’s second-quarter overall sales were KRW337.7 billion, a 2.1-percent increase from a year ago, but down 8.3 percent sequentially.
The firm’s gaming sales for the three months to June 30 stood at KRW305.4 billion, mostly from a combination of mass-market table play and slot machines. The tally was up 3.8 percent year-on-year but down 3.4 percent sequentially.
Kangwon Land Inc’s second-quarter non-gaming sales reached KRW32.3 billion, a decline of 11.5 percent from a year earlier and down 37.8 percent sequentially. Non-gaming sales in the reporting quarter mainly came from the firm’s hotel operation, plus condominium and skiing business.
The firm’s operating profit in the April to June period was KRW73.4 billion, down 10.4 percent from a year ago, and a 3.1-percent decline quarter-on-quarter.
Kangwon Land Inc announced in April a KRW2.5-trillion new phase for its property, which will triple the size of its casino space by 2032.
According to the plan, the resort’s gaming space would expand to 49,500 square metres (532,814 sq. feet) compared to 15,486 sq. metres currently. The new phase also includes a hotel expansion plan with KRW270 billion to be invested out of the total KRW2.5 trillion; a new villa with swimming pool involving KRW30 billion of investment; and other facilities costing KRW280 billion.
In May, the casino firm outlined to GGRAsia some of the steps it was taking to boost its appeal to foreign players, including potential upgrade of facilities and services offered to VIPs.
Earlier this year the resort made sales agency agreements with entities in Taiwan and in the Philippines, to tap overseas markets.
