South Korea: Kangwon Land Q2 GGR up 9.2%
The Korean hotel and casino resort has reported gaming revenue of KRW 361.5bn for the quarter.
Key points:
– Kangwon Land has reported a 9.2% GGR rise to KRW 361.5bn for Q2
– The property saw revenue increases across all gaming verticals, with non-gaming sectors falling
– The location’s overall profit for the quarter is up by 6.4%
South-Korean integrated hotel and casino resort Kangwon Land has unveiled a KRW 361.5bn (US$260m) gross gaming revenue figure for the second quarter of 2025 – up 9.2% in comparison to results from the year prior.
It was a busy quarter for the property, which reported rising revenue despite a 4.1% drop in foreign visitors compared to the second quarter of 2024.
However, this fall was juxtaposed by a rise in overall visitors of 5.9% year-on-year, with the hotel and casino location recorded an influx of approximately 578,520.
Revenue by sector
Indeed, overall gaming revenue rose by a healthy 9.2% for Q2 – with table games serving as Kangwon’s primary driver for the quarter, driving out KRW 152.6bn, up 4.2% year-on-year. Table games were followed closely by slots, which also saw an upswing of 1.8% in revenues compared to results from Q2 2024, settling at KRW 136bn.
Elsewhere, revenue from the property’s membership club skyrocketed by 42.8% year-on-year, reaching KRW 72.9bn during Q2. This figure is complemented by a 26.1% rise in revenues from Kangwon’s luxury main tower hotel – High1 Resort – which settled at KRW 32.3bn.
Non-gaming results
Outside of gaming revenues, Kangwon Land’s overall non-gaming sales fell by 9.2% year-on-year to KRW 29.2bn. Conversely, compared to results from the first quarter, non-gaming sales during the latest quarter dropped by 50.6%.
Leading the way with non-gaming results was hotel sales which reached KRW 19.8bn – down 10% year-on-year and followed by condo sales at KRW 4bn.
Overall, the property has reported a financial profit of KRW 42.6bn during the second quarter of 2025 – an upswing of 6.4% compared to results from the same period of the prior year.
2025 highlights
During the quarter, Kangwon Land secured a refund of KRW 75bn following a legal battle to nullify the imposition of value-added tax on the property. This action came following the launch of the location’s new flower festival in June – which has been brought in to combat falling foreign visitor statistics.
Prior to this, during Q1, the hotel and casino location signed a Memorandum of Understanding with both Interblock and KOMSCO for the development of casino game cards and electronic shoes. KOMSCO will develop the casino card games, Kangwon Land will assemble and produce the electronic shoe hardware, with Interblock holding the responsibility of developing and marketing the shoe.
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