Kangwon Land 3Q profit tops US$56mln, down 19pct q-o-q

Nov 08, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Kangwon Land Inc, operator of Kangwon Land, a South Korean resort with the only casino in the country to be permitted to accept local players, saw net income attributable to owners of the parent company shrink 19.4 percent quarter-on-quarter.

Such profit for the three months to September 30 was nearly KRW73.76 billion (US$56.3 million) versus KRW91.50 billion in the second quarter, said the Wednesday filing to the Korea Exchange. The third-quarter figure was down 1.3 percent from the prior-year period.

Third-quarter sales at Kangwon Land Inc rose 12.9 percent sequentially, to KRW373.96 billion. Judged year-on-year however, sales declined 5.9 percent.

A separate earnings presentation published on Wednesday showed third-quarter casino gross gaming revenue (GGR) was KRW349.5 billion, up 9.2 percent sequentially, but down 7.7 percent from a year ago.

Mass-table GGR stood at KRW165.8 billion for the three months to September 30, a 4.7-percent increase quarter-on-quarter, but down 2.9 percent from a year earlier.

The firm’s other gaming segment – “membership club” – recorded GGR of KRW42.1 billion, up 58.3 percent sequentially, but a decline of 28.9 percent from third-quarter 2022.

Slot machine GGR was up 4.7 percent quarter-on-quarter, at KRW141.6 billion, but it was down 5.0 percent year-on-year.

The volume of visits to the Kangwon Land casino in the quarter to September was 642,362, a 11.5 percent increase from the preceding quarter. The great majority of the visits were by South Koreans.

Kangwon Land Inc’s net income attributable to its owners stood at KRW266.79 billion in the first nine months of 2023, up 150.7 percent from a year ago, on sales that grew by 13.6 percent year-on-year, to just above KRW1.06 trillion.

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