Kangwon Land Q3 Profit Jumps 24% on Financial Gains
Kangwon Land Inc., operator of South Korea’s only casino permitted to serve domestic players, posted a strong third-quarter performance for 2025, marked by a 24.1% year-on-year jump in net profit. For the period ending September 30, profit reached approximately KRW 112.29 billion (US$78.1 million), driven by solid operational momentum and notable financial gains.
Financial Upside Fuels Growth
A surge in financial income played a central role in the improved bottom line. The company reported KRW 73.4 billion in financial profit for the quarter, a 167.6% increase year-on-year aided by asset disposals and valuation gains. While management did not specify which assets generated these returns, the figures contributed to an 83.5% increase in net profit compared to the previous quarter, closing out the second half of 2025 with strong performance.
Revenue & Gaming Performance
Total revenue for the quarter reached KRW 383.66 billion, with casino revenue accounting for KRW 333.7 billion. Gaming revenue rose 4.2% versus the same period in 2024 and improved slightly from the second quarter’s KRW 331.5 billion.
Gaming drop ( the value exchanged for chips ) climbed 6.9% year-on-year to KRW 1.60 trillion and 8.8% sequentially, underscoring stronger visitor activity and betting volume.
Non-gaming revenue declined 9.4% year-on-year to KRW 50 billion, but still posted a robust 71.2% quarter-on-quarter rebound, signaling a recovery in hotel, F&B and other resort operations.
Costs Rise as Expansion Continues
Operating expenses climbed 10.4% to KRW 311.8 billion, reflecting increased staffing and contributions to local development funds, as well as investments linked to enhanced gaming limits and customer experience upgrades.
For the first nine months of 2025, cumulative revenue reached KRW 1.11 trillion up 2.7% though cumulative net profit dropped 27.7% to KRW 249.22 billion. The Q3 result indicates a rebound following uneven earnings earlier in the year.
Market Position & Strategic Focus
Kangwon Land continues to draw strength from mass-market table games and slots, supported by recent adjustments to betting limits. Its unique position as the only domestic-legal casino in South Korea remains a major competitive advantage.
Despite fluctuations in non-gaming performance, the resort’s ongoing development and efficiency initiatives aim to stabilize growth beyond the casino floor.
Outlook
With Q3 momentum boosting confidence heading into year-end, the operator now faces the challenge of maintaining growth while managing rising costs. Kangwon Land’s monopoly status and expanding attraction strategy position it to capitalize on domestic demand, strengthen financial stability and enhance long-term shareholder value.
