South Korea’s only casino at which locals are permitted to gamble, Kangwon Land, reported a 38.2% year-on-year increase in sales to KRW334.7 billion (US$265 million) in the three months to 31 December 2022, although revenue was 15.8% lower than the September quarter on declines in both the gaming and non-gaming segments.
According to the company’s 4Q22 earnings results, published Thursday, Kangwon Land saw gaming sales grow by 36.9% year-on-year to KRW294.1 billion (US$233 million) in Q4, down 14.4% sequentially, while non-gaming grew by 48.7% on 4Q21 to KRW40.6 billion (US$32 million) but fell 4.9% sequentially.
Net profit of KRW9.2 billion (US$7.3 million) was down 11.0% year-on-year and 87.7% sequentially.
On the gaming side, mass tables saw a 58.4% year-on-year increase in sales to KRW155.4 billion (US$123 million) in Q4 while slots grew by 39.5% to KRW134.0 billion (US$106 million), however Membership Club revenue was down by 21.7% to KRW33.5 billion (US$26 million).
Kangwon Land also outlined a 36.3% increase in contribution towards the Fund for Abandoned Mine Area, Tourism Fund and Consumption Tax, while marketing fees grew by 240% to KRW10.1 billion (US$8.0 million).
Located 150 kilometers (93 miles) from Seoul, Kangwon Land was borne out of Korea’s conversion to gas and oil for energy, leading to the closure of mines in Gangwon province in 1989.
Legislation in 1995 encouraged redevelopment of abandoned mining areas, prompting local, provincial and national authorities to found Kangwon Land Inc, which is 51% government owned and overseen by the national Ministry of Knowledge Economy.
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