Kangwon Land, the only casino in Korea at which locals are allowed to gamble, has reported a 12.7% year-on-year increase in net profit to KRW335.1 billion in 2019, despite a slight decline in casino sales.
The increase was largely driven by a 100% increase in revenue from water-based theme park Water World, as well as lower costs, which offset a 2.4% fall in casino sales to KRW461.5 billion. As a result, total resort sales for the year grew 5.7% to KRW1.52 trillion.
Kangwon Land’s 2019 results were aided by a strong finish to the year in 4Q19, where sales grew 6.0% year-on-year to KRW372.8 billion and net profit by almost 180% to KRW53 billion. Slot machine sales enjoyed particularly strong growth for the quarter, up 10.4% to KRW131.7 billion, while mass table sales increased 3.7% to KRW155.3 billion and VIP sales by 6.2% to KRW56.4 billion.
Non-gaming grew 3.4% to KRW39.9 billion.
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