Kangwon Land profit falls, non-gaming a bright spot

Kangwon Land posted a 9 percent drop in 17Q1 profit as gaming revenue declined.

The South Korean operator, which runs the only casino in the country at which locals are allowed to gamble, said net profit in the period was KRW129.8 billion won ($116.4 million), down 9.1 percent. Total revenue fell 3.1 percent to KRW423 billion won, while gaming revenue declined 3.6 percent. VIP revenue was flat, while revenue from the mass market sector and slot machines declined 5.8 percent and 3.8 percent respectively.

Non-gaming was a bright spot gaining 3.6 percent to KRW29.1 billion.

 Kangwon Land’s resort is in a remote mountainous area of the country and offers skiing and golf amongst its non-gaming attractions. It reported a 5.6 percent gain in revenue from its skiing attractions to KRW12.6 billion won.