Increase in Domestic and Foreign Visitors... Kangwon Land's Q2 Operating Profit Also Up 17.3% (Comprehensive)

820 Billion KRW Tentative Total
Sales 331.1 Billion KRW...6.3% Increase YoY
H1 Operating Profit Up 88.5%, Sales Up 28%

Gangwon Land succeeded in reversing its performance in the second quarter of this year, supported by an increase in the number of domestic and foreign casino visitors following the transition to the endemic phase (periodic outbreak of infectious diseases).

Kangwon Land Headquarters
Photo by Kangwon Land

Gangwon Land announced on the 7th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 82 billion KRW, a 17.3% increase compared to the same period last year. Sales rose 6.3% year-on-year to 331.1 billion KRW, and net profit increased by 138.3% to 89.5 billion KRW.

Gangwon Land's casino sales in the second quarter reached 294.3 billion KRW, up 5.1% from 280.1 billion KRW in the same period last year, while non-casino sales, including hotels, condos, and skiing, increased by 17.2% to 36.8 billion KRW.

The total drop amount (total chip purchases) in the second quarter was 1.419 trillion KRW, a 1.5% increase compared to 1.3975 trillion KRW in the same period last year. During the same period, the number of casino visitors was 576,206, up 16.9% from 492,971 in the previous year. Among the visitors, foreigners numbered 5,303, a 32.8% increase from 3,993 in the same period last year.

Gangwon Land operates the only casino in South Korea where both domestic and foreign visitors are allowed entry. Earlier, Gangwon Land's operating profit for the first quarter of this year was 69.7 billion KRW, a 562% increase compared to the same period last year, and sales rose 58% to 358.1 billion KRW. Accordingly, the cumulative operating profit for the first half of this year was 151.7 billion KRW, up 88.5% from the same period last year, and sales amounted to 689.2 billion KRW, a 28% increase.