Kangwon Land jumps to US$77mln profit in 1Q

May 10, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Kangwon Land Inc, promoter of Kangwon Land (pictured), the only South Korean casino resort permitted to let locals gamble, swung to a net profit attributable to the shareholders of the parent, amounting to KRW101.54 billion (US$76.6 million) in the first quarter of 2023, compared to a net loss of KRW5.85 billion in the prior-year quarter.

Such profit for the three months to March 31 was up 1,001.6 percent on the KRW9.22 billion made in the fourth quarter last year, the company said in a Wednesday filing to the Korea Exchange.

The latest quarterly result was on sales of KRW358.12 billion, which were up 7.0 percent quarter-on-quarter, and up 57.9 percent from the first quarter of 2022.

First-quarter 2023 gaming sales – expressed to one decimal point in a separate earnings deck – were KRW306.0 billion, up 59.2 percent year-on-year.

Mass-market table games gross gaming revenue (GGR) was KRW167.6 billion, up 78.9 percent from the prior-year quarter. Membership club GGR was down 2.3 percent year-on-year in the first quarter, at KRW30.4 billion.

Slot machine GGR for the first quarter was KRW138.7 billion, a rise of 57.2 percent from a year earlier. That gave total GGR for the quarter of KRW336.7 billion, up 58.0 percent from a year ago.

The drop amount for the first three months was KRW1.50 trillion, a 50.3 percent improvement from the first period of 2022.

Non-gaming sales in first quarter this year were KRW52.1 billion, up 50.4 percent. Of that, KRW27.4 billion was in hotel sales.

Kangwon Land Inc’s first-quarter operating income was up 561.9 percent year-on-year, at KRW69.69 billion.

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