Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, reported a 4.5 year-on-year increase in gross gaming revenue to KRW360.0 billion (US$244 million) in 1Q26, primarily due to growth in its VIP Membership Club. The result was also slightly higher than the KRW357.3 billion (US$242 million) in GGR generated in the December 2025 quarter.
However, for the second consecutive quarter net profit was down substantially – by 46.8 year-on-year and 41.4% quarter-on-quarter – to KRW39.7 billion (US$26.9 million). According to the group’s financial statements, Q1 was negatively impacted by higher corporate tax and SG&A (Selling, General, and Administrative) expenses.
At an operational level, Kangwon Land performed well with Membership Club gaming revenues rising by 27.6% year-on-year to KRW62.1 billion (US$42.1 million) – more than offsetting a slight 0.6% decline in mass table GGR to KRW159.4 billion (US$108 million). Slot GGR grew 2.4% to KRW138.5 billion (US$94.0 million).
Drop amount in 1Q26 was up 3.2% to KRW1.50 trillion (US$1.02 billion), with a slight increase in casino visitors to 625,916.
Non-gaming sales, which includes hotel, condo, skiing, golf and Water World, fell 1.8 to KRW48.6 billion (US$33.0 million).
Kangwon Land, which is currently under the watch of newly installed interim CEO Nam Han-gyu, recently launched the largest guest room renovation in its history as part of a KRW200 billion (US$136 million) investment into its hotel and casino facilities.
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