Financial results from local casinos suggest the crisis caused by the COVID-19 pandemic and the resulting restrictions are finally over.
Korea's leading company Kangwon Land reported its financial results and earnings in the second quarter of the fiscal year and posted a net profit of 89.2 billion won during the quarter. However, the decline was recorded compared to the first quarter.
Casinos for Koreans:
Kangwon Land is a special place in Korea, especially for the residents of the state. It is the only place in Korea where Koreans can make bets and play various games. The casino is located in Gangwon Land Resort in Gangwon Province, Korea.
Casino revenue rose 138.3% year-on-year, but was down 12% from the first quarter of 2023.
Revenue was down 7.5% from the third quarter of this fiscal year, with revenues of 331.1 billion won and $253.5 million, with the most profitable revenue source earning 294.3 billion won and $225.3 million from games.
A big drop in revenue:
Gangwon Province's reporting team said total game revenue fell 7.5% from the previous quarter, bulk imports also fell, and recorded 158.33 billion won and $121.1 million in the second quarter.
The second-highest revenue source was also slot games, which earned 135.2 billion won, $133.4 million, less than the first quarter. The decline is not so great at 2.5%.
However, the company is worried about the membership club because the 2.3% drop led to 26.6 billion won in profits.
Considering all the declines, the overall decline was large, with the casino losing 1.41 trillion won and $1.08 billion.
For the three months from April to June, the total number of visitors was 576.206, down 7.7% from the first quarter, of which 5.303 were foreign tourists and the rest were overseas Koreans.
The group will maintain integrated resort operations, but the company reportedly announced in January that the next step would be to expand into the Philippines. Since the Philippines already supplies casinos, it will be a game console supplier.
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