Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, reported a 41.2% year-on-year and 41.6% quarter-on-quarter decline in net profit to KRW66.0 billion in the three months to 31 December 2025 – impacted by an increase in SG&A (Selling, General, and Administrative expenses) costs and the absence of a one-off income gain in 4Q24.
This was despite gross gaming revenue rising by 7.2% year-on-year, down slightly compared with the September quarter, to KRW357.3 billion. The company reiterated that the year-on-year improvement was aided by an increase in betting limits on selected tables implemented in May 2025.
Mass tables showed an 8.6% year-on-year improvement but a 3.6% decline in GGR to KRW161.0 billion, VIP membership club a 7.2% year-on-year increase and 1.4% quarter-on-quarter decline to KRW 58.0 billion and slot machines a 5.6% year-on-year increase and 3.1% quarter-on-quarter decline to KRW138.3 billion.
Drop amount was up 13.0% year-on-year to KRW1.55 trillion, with the company profit margin of 8.1% significantly lower than the 12.4% margin in 4Q24 and 18.9% in 3Q25.
Non-gaming sales of KRW39.8 billion were down 4.2% year-on-year as guests moved away from golf and theme park activities towards skiing as the winter arrived.
For FY25, Kangwon Land reported a 3.5% increase in sales to KRW1.48 trillion, including a 5.0% increase in gaming sales to KRW1.31 trillion and a 7.0% decline in non-gaming to KRW169.0 billion.
The 4Q25 and FY25 results come after Kangwon Land recently revealed details of its ambitious “alternative stay resort” model under which it aims to double the ratio of non-gaming revenue generated at the casino-resort annually from 20% to 40% by providing greater incentive to increase length of stay. The model is part of the property’s KRW3 trillion (US$1.9 billion) transformation project.
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