Kangwon Land reports KRW3.63bn third-quarter net loss
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Kangwon Land recorded a KRW3.63-billion net loss in the third quarter of 2026, compared with a KRW113.07-billion profit a year earlier. The company attributed the loss mainly to fair-value losses on financial assets as bond yields rose; quarterly sales fell 3.8% to KRW369.45 billion and casino visitor numbers fell 3.2% to 640,039.
Kangwon Land Inc swung to a KRW3.63bn net loss in the third quarter, from a KRW113.07bn profit in the same period a year earlier. The company said the result mainly reflected lower non-operating income, as a sharp rise in bond yields caused fair-value losses on financial assets.
Kangwon Land said visits to its casino resort fell 3.2% year-on-year to 640,039 in Q3, contributing to a 2.5% drop in gross gaming revenue to KRW359.4bn. The resort is South Korea's only one with a casino permitted to serve local customers.
GGR in the mass gaming segment, including foreign visitors, fell 4.8% to KRW294.9bn, driven by decreases of 3.4% in visitation and 6.5% in drop, the company said. GGR in the VIP segment rose 9.6% to KRW64.5bn, supported by an 11.1% increase in visitation and a 5.2% rise in drop. Net gaming revenue recognised in the income statement fell 1.8% year-on-year to KRW327.8bn; the measure includes casino food and beverage sales and deductions for High1 Point complimentary points.
Kangwon Land remained profitable in the first nine months of 2026, with net profit down 41.8% year-on-year to KRW145.90bn. Its 2026 investment budget was KRW145.4bn, with cumulative spending of KRW110.1bn as of Q3. Renovations are scheduled for completion in Q4 2027 at the condominium and Q1 2028 at the hotel.