Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, reported an 9.2% year-on-year increase in gross gaming revenue to KRW361.5 billion (US$260 million) in 2Q25, with the company pointing to a recent increase in table game betting limits for an improvement in drop amount.
The casino was in late May granted permission to increase the betting limits on two VIP baccarat tables from KRW2 million (US$1,435) to KRW30 million (US$21,525), and on two mass blackjack tables and two Texas Hold’em Poker tables from KRW100,000 (US$72) to KRW300,000 (US$215).
Both segments enjoyed GGR increases in the June 2025 quarter, with the VIP Membership Club seeing gaming revenues rise by 42.8% year-on-year to KRW72.9 billion (US$52.5 million)while mass tables were up 4.2% to 152.6 billion (US$110 million). Slot machines saw a slight 1.8% increase in GGR to KRW136.0 billion (US$97.9 million).
Total drop amount was up 9.4% to KRW1.47 trillion (US$1.06 billion), with Kangwon Land noting a 5.9% increase in casino visitors to 578,520.
The improvement in gaming revenues helped offset a decline in non-gaming, where sales fell by 9.6% to KRW29.2 billion (US$21.0 million).
Net profit of KRW60.6 billion (US$43.6 million) was also down 62.2% year-on-year and 20.0% quarter-on-quarter on reduced margin.
Kangwon Land previously stated that its requests to the Ministry of Culture, Sports and Tourism are related to its efforts to provide greater appeal to international players. This included the launch of a new “foreigner-only casino zone” in February and a significant increase to its casino space.
Kangwon Land announced last year a massive US$1.9 billion expansion of its resort, including US$128 million to be spent on a second casino facility.
The broader expansion of Kangwon Land will comprise a new hotel and various leisure facilities, including revamped walking trails around the casino complex, a wellness center and a luxury pool villa, among others.
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