Kangwon Land, the operator of Kangwon Land (pictured), whose only casino in the country is open to locals, posted net profit of 92.9 billion won ($68.1 million) in the first quarter, down 8.5 percent from a year earlier. However, judging sequentially, net profit in the first quarter of 2024 was up 26.0 percent from 73.7 billion won in the last quarter of 2023.
This is in accordance with the unaudited financial statements and information on our website submitted by the Company to the Korea Exchange.
Kangwon Land’s gaming revenue for the first quarter was W316.2 billion, mostly from a combination of mass market table play and slot machines. The tally was up 3.3 percent year-on-year, and 10.7 percent sequentially. Gaming revenue for the reporting quarter accounted for 85.8 percent of the company’s total revenue, with the latter at W368.4 billion.
Kangwon Land’s non-gaming sales in the first quarter were 52.2 billion won, flat from a year earlier but up 31% from the previous quarter. Non-gaming sales in the reporting quarter came mainly from hotel operations and its condominium and ski businesses.
The company’s first-quarter operating profit was KRW 75.9 billion, up 8.9% year-on-year, and up 95.8% sequentially.
In an update on Monday, Kangwon Land noted that a budget of 116.8 billion won is set for capital spending in 2024, which includes investments in resort attractions and other operational improvements.
Among them, it announced that it will invest 81.9 billion won in “operational investment” such as “extension of casino floors, renovation and improvement of resort facilities, and game equipment.”
In 2024, 26.6 billion won worth of capital expenditure pots will be put into “water treatment facilities and employee dormitories” on the site of the old highland mining district.
Kangwon Land last month announced a plan to develop a new property worth 2.5 trillion won, which will triple its casino space by 2032.
According to the plan, the resort’s gaming area will be expanded to 49,500 sq. m (532,814 sq. ft.) from the current 15,486 sq. m. The new phase will include a hotel expansion plan, where W270 billion will be invested out of a total W2.5 trillion, a new villa with a W30 billion invested swimming pool, and other facilities that will cost W280 billion.
BY: 프라그마틱 슬롯 사이트