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KANGWON LAND Q1 NET PROFIT UP 26 Pct FROM Q1 OF US$68 MLN

Kangwon Land, the operator of Kangwon Land (pictured), whose only casino in the country is open to locals, saw its first-quarter net profit drop 8.5% year-on-year to 92.9 billion won ($68.1 million). However, on a sequential basis, its net profit in the first quarter of 2024 increased 26.0% from 73.7 billion won in the last quarter of 2023.

This is in accordance with the unaudited financial statements and the information on the company’s website submitted to the Korea Exchange.

Kangwon Land’s gaming revenue in the first quarter was W316.2 billion, mostly from a combination of mass market table play and slot machines. The tally rose 3.3 percent year-on-year and 10.7 percent sequentially. Gaming revenue in 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 were 52.2 billion won in the first quarter, flat from a year ago but up 31% from the previous quarter. Non-gaming sales for the reporting quarter were primarily from hotel operations and its condominium and ski businesses.

The company’s first-quarter operating profit was 75.9 billion won, up 8.9% year-over-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 expenditure 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 “expansion of casino floors, renovation and improvement of resort facilities, and game equipment.”

In 2024, 26.6 billion won worth of capital expenditure will be entered into a “water treatment facility and employee dormitory” on the site of the old mining district in the highlands.

Kangwon Land announced last month a plan to develop a new property worth 2.5 trillion won, which will triple casino space by 2032.

According to the plan, the resort’s gaming space will be expanded from the current 15,486 sq. m to 49,500 sq. m (532,814 sq. m). The new phase will also include a hotel expansion plan, which will cost W270 billion out of a total W2.5 trillion, a new villa with a pool where W30 billion is invested, and other facilities that will cost W280 billion.

BY: 실시간 바카라사이트

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