Kangwon Land has reported a softer fourth quarter for 2025 with higher operating expenses and the absence of one off gains that had supported results a year earlier. According to the companys consolidated earnings announcement sales reached KRW 365.4bn in 4Q25 up 6% compared with the same period in 2024.
Operating profit however declined to KRW 29.7bn following increased wage provisions higher taxes linked to gaming activity and elevated depreciation tied to safety reinforcement projects in ground subsidence areas.
Net profit fell 41.2% year-on-year to KRW 66bn influenced by weaker operating income and the absence of the prior years one time VAT refund which had contributed KRW 47.8bn to fourth quarter 2024 results. Financial profit was also lower at KRW 38.6bn.
Gaming revenue continued to expand supported by higher table drop volumes following increased betting limits at selected tables. Gross gaming revenue rose 7.2% to KRW 357.3bn with mass tables membership club play and slot machines all recording gains. Casino visitors increased 7.3% to 617,907 including a 12.7% rise in foreign patrons.
Non gaming revenue decreased 4.2% year on year reflecting lower hotel and Water World sales. Ski operations recorded double digit growth assisted by seasonal conditions.
For full year 2025 total sales reached KRW 1.476trn up 3.5% although operating profit declined to KRW 235.2bn due to higher SG&A and cost of goods sold. Net profit for the year fell 30.7% to KRW 316.5bn.
Kangwon Land plans KRW 145.4bn in capital expenditure for 2026 including a second casino development and VIP floor renovation as it continues long term investment in resort upgrades.
Net profit dropped to KRW 66bn (US$51.6m) due to weaker operating income and lower nonoperating gains
