A South Korean gambling establishment, Kangwon Land, has witnessed a remarkable resurgence in its earnings during the third quarter of the current year. The casino experienced a substantial 220.1% jump in income compared to the same period last year, reaching a staggering 2,452 billion won. This surge was primarily driven by a significant increase in non-VIP gaming revenue, likely attributed to the relaxation of COVID-19 restrictions.

The casino observed a 272.4% increase in overall gaming revenue, reaching 2,359 billion won. This growth was fueled by a 312.5% increase in total wagering, reaching 1.07 trillion won. This surge was driven by a notable increase in visitors, with over 254,000 individuals visiting the casino, including over 1,300 international visitors. This marked the first time since the pandemic that the casino welcomed over 1,000 international visitors.

Non-VIP tables were the primary contributor to the revenue increase, with a 761.7% jump compared to the third quarter of 2020, reaching 926 billion won. Slot machines also saw a significant increase, with revenue reaching 912 billion won, a 372.1% increase. VIP tables, the only part of Kangwon Land’s gaming operations that remained open during the third quarter of 2020, witnessed a 51.5% increase in revenue, reaching 521 billion won.

After subtracting 229 billion won in rewards distributed in the form of “High1 Points,” Kangwon Land’s net casino revenue amounted to 2,130 billion won. This indicates that the casino’s total net revenue was 2,452 billion won, representing a 220.1% increase compared to the same period last year.

The casino operator also generated an additional 323 billion won from non-casino activities, an 82.2% increase compared to 2020. The majority of this revenue, 195 billion won, originated from the hotel, while condo revenue increased by 5 billion won.

Kangwon Land’s earnings rose by 4.7 billion won, hitting 4.7 billion won, and golf income climbed by 4 billion won.

Kangwon Land’s cost of goods sold climbed by 67.9% to 193.1 billion won. The casino sector contributed the most, with expenses nearly doubling to 123.9 billion won. Hotel expenses increased by 34.4% to 35 billion won, and condo expenses rose slightly to 13.9 billion won.

As a consequence, Kangwon Land’s net income shifted from a net loss of 38.4 billion won in the prior year to a net profit of 52.2 billion won.

Kangwon Land’s operating profit, excluding sales and administrative expenses of 27.9 billion won, was 24.3 billion won. In the third quarter of 2020, it recorded an operating loss of 64.9 billion won.

Following that, Kangwon Land recorded a net profit of 4 billion won from financial products and interest income, resulting in a pre-tax profit of 28.3 billion won. This is a significant change from the pre-tax loss of 55.3 billion won in 2020.

After paying 7.9 billion won in taxes, Kangwon Land’s final net profit was 20.4 billion won. This is an increase from the loss of 40.9 billion won in the third quarter of 2020.

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