Kangwon Land casino unfazed by South Korea’s tourism decline

South Korea’s Kangwon Land casino shrugged off last year’s market struggles to once again outperform its domestic competitors.

Kangwon Land, the only one of South Korea’s 17 casinos that local residents are allowed to access, reported revenue up 8.6% to KRW 406b (US $329.6m) in the three months ending Dec. 31.

Operating income improved a more modest 0.8% to KRW 120b, reflecting higher labor costs and increased contributions to a fund related to the region’s former coalmine, the closure of which devastated the local economy and prompted the decision to open the resort 16 years ago.

Kangwon Land’s Q4 profits nearly doubled to KRW 93b, in part due to a favorable comparison with Q4 2014, during which the operator was saddled with a one-off non-operating expense.