Mixed Results for Korea’s Casino Operators in Early 2019

South Korea’s casino operators saw mixed results in the first quarter of 2019, with some, such as Kangwon Land, reporting a 13.3% rise in net profit, while others, such as Grand Korea Leisure, reporting a halving of net profit in the same quarter.

Kangwon Land, known as Korea’s only locals-permitted casino, was able to garner a rise in profit, despite a slight drop in gaming revenue. Profit for the quarter reached 102.4 billion won (about US$86 million). However, sales fell 0.3% in the quarter to 377.5 billion won (about US$317 million), with the mass-marketing gaming segment reporting a slight decline, partially offset by sales in its VIP segment.

On the other hand, Grand Korea Leisure saw first quarter net income down 51.3% to 8.5 billion won (about US$7.1 million). The sharp fall came despite only a 10.5% decline in sales in the quarter.

Neither company offered any commentary about their results in the quarter. (AGB)