Mixed results for Korea’s casino operators in 19Q1

South Korea’s casino operators saw mixed results in the first quarter of 2019, with some, such as Kangwon Land, reporting a 13.3 percent rise in net profit, while others, such as Grand Korea Leisure, reporting a halving of net profit in the same quarter.

Kangwon Land, known as Korea’s only locals-permitted casino was able to garner a rise in profit, despite a slight drop in gaming revenue.

Profit for the quarter reached KRW102.4 billion (US$86.5 million). However, sales fell 0.3 percent in the quarter to KRW377.5 billion, with the mass-marketing gaming segment reporting a slight decline, partially offset by sales in its VIP segment.

On the other hand, Grand Korea Leisure saw first-quarter net income down 51.3 percent to KRW8.5 billion.

The fall came despite only a 10.5 percent decline in sales in the quarter.

Both companies did not offer any commentary about their results in the quarter.