Located 150 kilometers (93 miles) from Seoul, Kangwon Land was borne out of Korea’s conversion to gas and oil for energy, leading to the closure of mines in Gangwon province in 1989.
Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, reported a 59.2% increase in gaming revenue to KRW306 billion (US$231 million) in the March 2023 quarter, led by gains in the mass market segment. Casino sales were also 4.0% higher than in 4Q22, helping push consolidated sales to KRW358.1 billion (US$271 million).
According to the company’s Q1 financials, mass tables were the primary contributor with gross gaming revenue of KRW167.6 billion (US$127 million), up 78.9% year-on-year. Slot machine revenue also grew by 57.2% to KRW38.7 billion (US$29.2 million) although Membership Club GGR fell by 2.3% to KRW30.4 billion (US$23.0 million).
VIP play from China continued to show incremental increases, rising to KRW82 billion ($61.9 million) in drop during the quarter, a slight rise from the previous quarter but a massive increase from the KRW1 billion ($755,000) registered in 1Q22.
