Table games and membership club revenue fuel performance surge
Strong Gaming Performance Amid Visitor Dynamics
South Korea’s only casino open to local residents, Kangwon Land, has reported KRW 361.5 billion (US$260 million) in gross gaming revenue (GGR) for Q2 2025, marking a 9.2% year-on-year (YoY) increase. This performance comes despite a 4.1% drop in foreign visitors, offset by a 5.9% rise in total visitor numbers, which reached 578,520 during the quarter.
The property’s robust results highlight the continued strength of domestic gaming demand, particularly as Kangwon Land remains a key driver of South Korea’s regional tourism economy.
Gaming Segments Drive Revenue Gains
Breaking down the figures, table games remained the primary revenue driver, generating KRW 152.6 billion, a 4.2% YoY increase. Slot machine revenue followed, rising 1.8% to KRW 136 billion.
Significantly, the membership club experienced a remarkable 42.8% surge to KRW 72.9 billion, signaling strong engagement from premium players.
In addition, High1 Resort, the property’s luxury main tower, contributed KRW 32.3 billion in revenue, a 26.1% jump, reinforcing the value of Kangwon Land’s high-end hospitality offerings.
Non-Gaming Revenue Declines
While gaming flourished, non-gaming revenues fell sharply, down 9.2% YoY to KRW 29.2 billion. Compared to Q1, the decline was even steeper at 50.6%. Hotel sales, which make up the bulk of non-gaming income, slipped 10% YoY to KRW 19.8 billion, while condo sales reached KRW 4 billion.
These results suggest a need for diversification strategies to offset weakness in non-gaming segments, especially as Kangwon Land positions itself as a destination resort.
Operational Highlights and Strategic Developments
Kangwon Land’s Q2 was marked by several notable developments:
The company secured a KRW 75 billion tax refund following a successful legal challenge against a value-added tax (VAT) imposition.
A new flower festival launched in June to boost tourism and counter declining foreign visitor numbers.
In Q1, the operator signed an MoU with Interblock and KOMSCO to develop casino game cards and electronic shoes, signaling innovation in gaming operations.
Profit Growth and Outlook
The resort’s overall profit climbed 6.4% YoY to KRW 42.6 billion, supported by gaming performance and legal windfalls.
Looking ahead, Kangwon Land’s strategy appears focused on enhancing premium gaming offerings, introducing new attractions, and expanding technological partnerships to sustain growth amid evolving visitor trends.
If the operator can revitalize its non-gaming segment while leveraging its unique position as South Korea’s only local-access casino, it is well-placed to maintain its upward trajectory through 2025 and beyond.
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