Kangwon Land, the operator of Kangwon Land, the only casino in the country that can serve local players, posted a net profit of nearly W9.2 billion in the fourth quarter of 2022. The company posted a net loss of W11 billion a year ago.
Net profit fell 87.7 percent on-quarter in the three months ended December, according to data submitted to the Korea Exchange on Thursday.
Kangwon Land returned to the black in 2022 with a net profit of 115.6 billion won. It said this was because the nation's "casino operating environment" was "normalized" after social distancing policies related to the COVID-19 pandemic were scrapped in April.
The company's fourth-quarter revenue fell 15.8% sequentially to 334.7 billion won, but increased 38.2% year-over-year.
Game sales in the three months to Dec. 31 were 294.1 billion won, up 36.9 percent year-on-year. Game sales fell 14.4 percent in the fourth quarter, according to investor information data posted on the company's website on Thursday.
Total gaming revenue (GGR) for the December quarter increased 36.3 percent year-on-year to W322.8 billion. Of that, W155.4 billion came from bulk gaming table play, and another W134 billion came from slot machines. According to Kangwon Land's financial update, both sectors saw year-on-year growth outpace the overall GGR increase.
The company's other gaming division, "Membership Club," posted a GGR of 33.5 billion won in the fourth quarter, down 21.7% year-on-year.
The company also saw a year-over-year increase in sales across most non-gaming segments in the fourth quarter. Non-gaming sales were W40.6 billion, up 48.7% from a year ago.
During the reporting period, Kangwon Land recorded 569,957 visitors. The majority were locals, according to Kangwon Land's data.
BY: 바카라사이트