Kangwon Land 4Q profit US$59mln, rev down 13pct q-o-q

Feb 08, 2024 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 allowed to accept local players, saw fourth-quarter net income attributable to owners of the company increase 5.2 percent quarter-on-quarter.

Such profit for the three months to December 31 was just under KRW77.99 billion (US$58.7 million), said the Wednesday filing to the Korea Exchange. The figure was up 746.1 percent from the prior-year period.

Fourth-quarter sales at Kangwon Land Inc dipped 13.0 percent sequentially, to KRW325.35 billion. Judged year-on-year, sales declined 2.8 percent.

A separate earnings presentation published on Wednesday showed fourth-quarter casino gross gaming revenue (GGR) was KRW313.8 billion, down 10.2 percent sequentially, and a decline of 2.8 percent from a year ago.

Mass-table GGR stood at KRW151.4 billion for the three months to December 31, a 8.7-percent decline quarter-on-quarter, and down 2.6 percent from a year earlier.

The firm’s other gaming segment – “membership club” – recorded GGR of KRW32.0 billion, down 24.0 percent sequentially, and a decline of 4.5 percent from fourth-quarter 2022.

Slot machine GGR was down 7.8 percent quarter-on-quarter, at KRW130.5 billion, and declined by 2.6 percent year-on-year.

The volume of visits to the Kangwon Land casino in the quarter to December 31 was 569,957, a 11.3-percent decrease from the preceding quarter. The great majority of the visits were by South Koreans.

For full-year 2023, Kangwon Land Inc’s net income attributable to its owners stood at KRW345.15 billion, up 198.5 percent from 2022, on sales that grew by 9.3 percent year-on-year, to just under KRW1.39 trillion.

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