Kangwon Land, Grand Korea Leisure report Q4 profit spikes

South Korea’s only locals-allowed casino Kangwon Land reported a double-digit profit rise in 2019 thanks to a strong showing in the year’s final quarter.

Figures released Tuesday show Kangwon Land’s revenue totaled just under KRW393b (US$332.7m) in the final three months of 2019, a 6% rise over the same period last year, while Q4 profit more than doubled to KRW53b as margins rose to 14.2% from 5.4% the year before.

The company was firing on all cylinders in Q4, with gains in mass market tables (+3.7%), VIP tables (+6.2%) and slots (+10.4%). However, revenue from all three verticals suffered a sequential decline from Q3 of nearly 6%.

Nevertheless, Q4’s annual gains were enough to push 2019’s full-year revenue up 5.7% to KRW1.52t, while operating income was up 16.6% to KRW502b and net profit gained 12.7% to KRW335b.