Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, reported gross gaming revenue of KRW346 billion (US$254.1 million) in 1Q24, up 2.8% year-on-year and 10.2% higher than the December 2023 quarter.
While the company did not provide reasons for the improvement, it highlighted a 53.8% year-on-year increase in GGR in its Membership Club to KRW46.7 billion (US$34.3 million). By comparison, slot machine revenue fell by 0.5% to KRW138.1 billion (US$101.4 million) and mass table revenue by 3.8% to KRW161.2 billion (US$118.4 million).
Non-gaming sales grew by 0.1% year-on-year and 31.1% quarter-on-quarter to KRW52.2 billion (US$38.3 million).
Net profit for the quarter fell by 8.5% year-on-year but increased by 26.0% quarter-on-quarter to KRW92.9 billion (US$68.2 million).
Kangwon Land revealed last month that it is planning a comprehensive KRW2.5 trillion (US$1.9 billion) renovation and expansion project that will include a new luxury casino, a hotel and additional leisure facilities.
The project will see KRW1.8 trillion (US$1.34 billion) of the total investment spent on developing a new casino and cultural complex and KRW270 billion (US$201 million) on a new hotel. Kangwon Land will also expand its non-gaming facilities by revamping walking trails around the casino complex, building a wellness center and developing a luxury pool villa, among other amenities.
RelatedPosts
