Kangwon Land, the operator of Kangwon Land (pictured), the resort where the country’s only casino is open to locals, said Friday its second-quarter net profit rose 64.2 percent year-on-year to 149.8 billion won (US$107.9 million). On a sequential note, second-quarter net profit rose 59.5 percent from 93.9 billion won in the opening quarter of 2024.
This is in accordance with the unaudited financial statements and information on our website submitted by the Company to the Korea Exchange.
Kangwon Land’s overall sales in the second quarter came to 337.7 billion won, up 2.1 percent from a year ago, but fell 8.3 percent sequentially.
In the three months to June 30, the company’s gaming revenue hit W305.4 billion, mainly due to the combination of mass market table play and slot machines. The tally was up 3.8% year-on-year, but fell 3.4% sequentially.
Kangwon Land’s non-gaming sales fell 11.5 percent year-on-year to 32.3 billion won in the second quarter, with a 37.8 percent sequential decline. Non-gaming sales for the reporting quarter came mainly from hotel operations, condominiums, and ski businesses.
The company’s operating profit in the April-June period was 73.4 billion won, down 10.4 percent from a year earlier, and down 3.1 percent quarter-on-quarter.
In April, Kangwon Land announced plans to develop 2.5 trillion won worth of real estate, which will triple its casino space by 2032.
According to the plan, the resort’s gaming area will be expanded to 49,500 sq. m (532,814 sq. ft.) from the current 15,486 sq. m. The new phase also includes plans to expand the hotel, where W270 billion will be invested out of the total W2.5 trillion, a new villa with a W30 billion invested swimming pool, and other facilities that will cost W280 billion.
In May, the casino company explained to GGRAsia some of the steps it has taken to increase its appeal to foreign players, including potential upgrades to facilities and services offered to VIPs.
The resort earlier this year signed sales agency agreements with companies in Taiwan and the Philippines to target overseas markets.
BY: 무료슬롯사이트