The second quarter saw a 12 percent drop in revenue for Kangwon Land compared to the first

Casinos in South Korea appear to have recovered financially from the difficulties brought on by the COVID-19 epidemic and the subsequent regulations. During the second quarter of the fiscal year, renowned Korean corporation Kangwon Land reported a net profit of KRW 89.2 billion (about US$68.5 billion). But the decline is visible when compared to the first three months of the year.
Koreans at the casino:

South Koreans hold Kangwon Land in particularly high regard. Bets may be placed and games played here unlike anywhere else in Korea. Guests of the Kangwon Land Resort in the South Korean province of Kangwon will find the casino conveniently on-site. 

The casino's earnings jumped by 138.1 percent compared to the previous year. Nonetheless, that is 13% lower than the first quarter of 2023. 

The sales revenues were down 7.5% compared to the first three months of current fiscal year. The profit was worth around $253.5 million, or KRW 331.1 billion. The gambling industry took in the greatest money, totaling KRW 294.3 billion ($225.3 million).

Significant drop in income:

According to the Kangwon's reporting divisions, gross gaming revenues fell 7.5% year-over-year in the third quarter. The second quarter saw a decline in mass table revenue to KRW158.3 billion, or $121.1 million.

Slot machines, as was to be expected, accounted for the second-highest revenue stream. Their revenue dropped from KRW135.2 billion ($103.4 mln) in the first quarter of the year. The drop of 2.5% is hardly catastrophic. 

A 2.3% drop in membership club revenue resulted in KRW26.6 billion ($20.3 million) in losses, which has management concerned.

When every decline was added up, the result was a massive decline. The casino lost a total of KRW1.41 trillion, or around $1.08 billion.

In terms of traffic, there were a total of 576,206 people that came between April and June. Similarly, the number of visitors in that sector was down 7.7 percent from the first quarter. Only 5,303 were locals; the rest were tourists from other countries.

The organisation will continue to run its integrated resorts, but in January, it allegedly revealed plans to expand into the Philippines. Since the firm currently provides its casino with gaming machines, it has decided to expand into the Philippines market.