Kangwon Land 3Q net income up 24pct y-o-y
Third-quarter net income at Kangwon Land Inc, operator of Kangwon Land (pictured), a leisure complex with the only South Korean casino open to locals, was up 24.3 percent year-on-year, but down 42.6 percent from the second quarter.
A Monday filing to the Korea Exchange said such net income was nearly KRW91.98 billion (US$66.5 million), versus third-quarter 2023’s KRW73.97 billion.
The latest quarterly result was a significant decline on second-quarter net income of KRW160.19 billion.
For the first nine months this year, net income was nearly KRW346.09 billion, a rise of 29.8 percent from the prior-year period.
The result was amid third-quarter sales that rose sequentially, but were flat judged year-on-year.
Such sales were KRW375.54 billion, up 11.2 percent quarter-on-quarter, but only a 0.6 percent improvement year-on-year.
On a cumulative basis for the first nine months this year, sales were KRW1.08 trillion, up 1.8 percent from a year earlier.
Third-quarter operating income was nearly KRW93.04 billion, up 26.7 percent sequentially, and a 1.3-percent increase year-on-year. On the nine months to September 30, such income was flat, at just below KRW242.24 billion.
Third-quarter gaming sales – a figure usually expressed net of commissions and incentives – were KRW320.4 billion, an improvement of 4.9 percent quarter-on-quarter, but flat year-on-year.
Gross gaming revenue (GGR) for the three months to September 30 was up 1.2 percent year-on-year, to KRW353.8 billion, of which KRW161.1 billion was from mass tables, the latter down 2.8 percent from a year ago.
There was KRW47.6 billion in third-quarter GGR from membership club play, an increase of 13.2 percent year-on-year.
Slot machine GGR for the three months to September 30 was KRW145.1 billion, up 2.4 percent from the prior-year period.
Non-gaming sales for the quarter were KRW55.1 billion, a rise of 70.7 percent quarter-on-quarter, and up 3.3 percent year-on-year. The bulk of non-gaming sales – a total of KRW29.9 billion – was from hotel business. Year-on-year, such hotel sales were flat, but improved 35.9 percent from the second quarter.
The third-quarter number of casino visitors was up 0.7 percent year-on-year, at 646,892. Measured quarter-on-quarter, the tally rose 18.4 percent.
