Kangwon Land reports 3.4% sequential decrease in gaming sales to $220M

South Korea’s Kangwon Land reported gaming sales of KRW305.4 billion ($220 million) for the second quarter of this year, marking a 3.4 percent decrease from 1Q24, but up 3.8 percent from the same period in 2023.

Kangwon Land operates the only casino in Korea admitting locals, located within the Kangwon Land Resort in South Korea’s Kangwon province.
The company’s sales revenues were down by 8.3 percent to KRW337.7 billion ($224 million) compared to the previous quarter. However, on a year-over-year basis, sales revenues increased by 2.1 percent compared to 2Q23.
According to Friday’s filing, the casino operator also reported a net profit of KRW149.8 billion ($108 million), up 59.5 percent from the previous quarter.
In the non-gaming sales segment, the company’s income recorded a decrease in all subsections, including hotel, condo, ski, and golf.
Hotel sales saw a year-over-year drop of 9.8 percent, with revenues standing at KRW22 billion ($16 million) in 2Q24. The condo and ski businesses also fell by 13.2 percent and 6.4 percent year-over-year, respectively.
In the same business update, there is a segment of slot machine production; however, there has not been any revenue generated since 3Q23.

Bricks & Mortar Business Asia Gambling South Korea Kangwon Land

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