Kangwon Land sees profit fall 12% in 2Q23 as all gaming segments slow
Wednesday 09 de August 2023 / 12:00
2 minutos de lectura
(South Korea).- Kangwon Land, the only South Korean casino at which locals are permitted to gamble, saw its net profit fall by 11.9% quarter-on-quarter to KRW89.5 billion (US$68.4 million) in the three months to 30 June 2023, impacted by higher expenses and decline across all three gaming segments.
While gross gaming revenue increased by 3.7% compared with the same period in 2022 to KRW320.2 billion (US$245 million), it was down by 4.9% on the March 2023 quarter. Mass tables grew 13.0% but fell 5.5% sequentially to KRW158.3 billion (US$121 million), VIP Membership Club revenues fell by 24.0% year-on-year and 12.5% sequentially to KRW26.6 billion (US$20.3 million), and slot machines grew 1.2% year-on-year but fell 2.5% sequentially to KRW135.2 billion (US$103 million).
Non-gaming sales of KRW36.8 billion (US$28.1 million) was down 29.4% on Q1.
While operating profit grew 17.3% year-on-year and 17.7% quarter-on-quarter to KRW82.0 billion (US$62.7 million), costs including contributions to the abandoned mine fund and tourism fund plus other fees and taxes grew by a combined KRW7.1 billion (US$5.4 million) year-on-year. Corporate tax also increased by 173% to KRW31.8 billion (US$24.3 million).
In a recent note, investment bank JP Morgan observed the slower than expected recovery of Kangwon Land post-COVID, with demand having flat-lined for three consecutive quarters and little signs of a turnaround even a year after reopening.
Analysts DS Kim and Shi Mufan Shi attributed this slowdown to the proliferation of illegal and grey-market gambling such as cash play at “Hold’em” pubs as well as online casinos.
Categoría:Casino
Tags: Sin tags
País: South Korea
Región: Asia
Event
iGaming Club Conference Cancun
24 de November 2025
Levon Nikoghosyan Confirms iGaming Cancun’s Success and Future LATAM Expansion
(Cancun, SoloAzar Exclusive).- The vibrant energy of iGaming Cancun has set the tone for a new chapter in the Latin American iGaming industry. Levon Nikoghosyan, CEO and Co-Founder of AffPapa and iGaming Club, shared his enthusiasm for the event’s debut in Mexico, highlighting its impact on the regional market and the company’s ambitious plans for the future.
Thursday 04 Dec 2025 / 12:00
iGaming Club Cancún 2025 Concludes Successfully with Strong Connections in Its First LatAm Edition
(Cancun, SoloAzar Exclusive).- iGaming Club Cancún 2025 came to a close last night with a comprehensive experience of conferences, networking, and the AffPapa iGaming Awards LATAM gala, consolidating itself as a unique space for operators, affiliates, and providers in the region.
Thursday 27 Nov 2025 / 12:00
iGaming Club Cancún 2025: Affiliates, Operators, and Innovation Take Center Stage on Final Day
(Cancun, SoloAzar Exclusive).- The second and final day of iGaming Club Cancún 2025 unfolds today, bringing together operators, affiliates, and select B2B providers in a unique networking and conference environment that highlights the evolving dynamics of the Latin American iGaming market.
Wednesday 26 Nov 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.