Kangwon Land Q4 Profit at US$59 mln, down 13 pct from the previous quarter

Kangwon Land Inc., the operator of Kangwon Land, a South Korean resort that has the only casino in the country that can accommodate local players, posted a 5.2 percent increase in the company’s owner’s net profit in the fourth quarter from the previous quarter.

Those gains in the three months to Dec. 31 amounted to just 77.99 billion won ($58.7 million), according to data submitted to the Korea Exchange on Wednesday. The figure was up 746.1 percent from the previous year.

Kangwon Land’s sales fell 13.0% to 325.35 billion won in the fourth quarter. Compared to the same period last year, sales fell 2.8%.

Casino gross gaming revenue (GGR) fell 10.2% sequentially to 313.8 billion won in the fourth quarter, according to a separate earnings release released on Wednesday, down 2.8% from a year ago.

In the three months to Dec. 31, gross public transportation production fell 8.7% quarter-on-quarter to 151.4 billion won, and 2.6% year-on-year.

The company’s other gaming arm, “Membership Club,” posted a GGR of 32 billion won, down 24.0% sequentially, and down 4.5% compared to the fourth quarter of 2022.

Slot machine GGR fell 7.8% quarter-on-quarter to 130.5 billion won, down 2.6% year-on-year.

Through Dec. 31, there were 569,957 visits to Kangwon Land Casino in the quarter, down 11.3% from the previous quarter. Most of the visits were from Koreans.

For the full year 2023, Kangwon Land’s net profit attributable to owners grew 9.3% year-on-year to 345.1 billion won compared to 2022, below sales of 1.39 trillion wo

BY: 에볼루션 바카라사이트

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