Skip to content
SignalPowered bySign inBack to Digirockstars
All briefs

Daily brief

Market · South Korea · Tue 10 Nov · 3 min read · By Roland Cinco

Kangwon Land posts quarterly loss as mass gaming revenue falls

This brief is supported by

AIME (opens in a new tab)More about them at the end of the brief

What happened

Kangwon Land Inc reported a KRW3.63 billion net loss for the third quarter of 2026, compared with a KRW113.07 billion profit in the prior-year period.

The company attributed the reversal mainly to fair-value losses on financial assets following sharply higher bond yields, recording a net non-operating loss of approximately KRW55.9 billion.

Third-quarter operating income fell 17.9 percent year-on-year to KRW59.67 billion, while group-wide sales declined 3.8 percent to KRW369.45 billion for the three months to 30 September.

Casino visitor volume fell 3.2 percent year-on-year to 640,039, which the company said led to a 2.5 percent decrease in GGR to KRW359.4 billion.

Mass gaming GGR, including foreign visitors, fell 4.8 percent to KRW294.9 billion, with the company reporting visitation down 3.4 percent and drop down 6.5 percent.

VIP GGR rose 9.6 percent year-on-year to KRW64.5 billion, supported by an 11.1 percent increase in visitation and a 5.2 percent rise in drop.

Non-gaming revenue fell 17.4 percent to KRW41.7 billion, primarily because ongoing room renovations reduced hotel and condominium room revenue and water park revenue, the company said.

Why it matters

Sources: GGRAsia

Related briefs

  1. Galaxy revenue rises 4% as high VIP hold supports resultsGalaxy Entertainment Group reported Q3 2026 net revenue of HKD12.7 billion, up 4% year-on-year and 7% quarter-on-quarter, according to Inside Asian Gaming on 6 November 2026. Group GGR reached HKD12.9 billion, while adjusted EBITDA rose 10% year-on-year and 9% quarter-on-quarter to HKD3.7 billion, with results aided by a 4.8% VIP hold rate. Flagship Galaxy Resort recorded net revenue of HKD10.8 billion, up 7.4% year-on-year, and adjusted EBITDA of HKD3.54 billion, up 15.3%, with a 33% margin. Galaxy Resort’s rolling chip volume fell 5.6% year-on-year but increased 15.4% quarter-on-quarter, while a 4.7% win rate lifted rolling chip win to HKD2.86 billion. Mass table drop at Galaxy Resort was slightly lower, with mass win falling 1.3% year-on-year to HKD8.10 billion and slots win reaching HKD677 million. StarWorld net revenue declined 10.6% year-on-year and 7.6% quarter-on-quarter to HKD1.13 billion, while adjusted EBITDA stood at HKD279 million during ongoing hotel renovations. Chairman Francis Lui said reduced room availability affected StarWorld’s quarterly EBITDA by approximately HKD20 million, with renovation completion targeted for the first quarter of 2027.Market · Regional
  2. Sega Sammy profit jumps 298.6% as gaming losses widenJapan’s Sega Sammy Holdings Inc reported net profit of JPY10.93 billion for the six months to 30 September 2026, up 298.6% year-on-year, GGRAsia reported. According to the company’s 6 November filing, group net sales reached JPY212.58 billion for the April-to-September period, an increase of 5.7% from the prior-year period. Adjusted earnings before interest, taxation, depreciation and amortisation rose 54.0% year-on-year to JPY24.58 billion over the same six months. The gaming business recorded sales of nearly JPY16.36 billion, up 91.1% year-on-year, but reported an operating loss of JPY3.9 billion for the period. In its accompanying presentation, the company said results exceeded expectations across all segments, existing gaming businesses performed steadily, and pachislot and pachinko sales were strong. Gaming-machine sales across North America and Asia totalled 784 units during the six months, up 23.9% from 633 units in the comparable prior-year period. The company attributed solid gaming-machine sales to growth in key series including Railroad Riches and Super Burst, and launched Bonanza Bros. Golden Heist in September.Market · Japan
  3. Philippine gaming GGR falls 11.4% as electronic gaming weakensPhilippine gaming GGR, including non-casino operations, fell 11.4 percent year-on-year to PHP83.72 billion in Q3 2026, according to [GGRAsia](https://www.ggrasia.com/philippines-3q-ggr-follows-downward-trend-down-11pct-from-a-year-ago), citing PAGCOR. The regulator reported a 5.0 percent sequential decline; electronic gaming accounted for the bulk of the industry’s year-on-year contraction. Electronic gaming, encompassing e-bingo, e-games and bingo grantees, generated PHP35.28 billion, down 22.9 percent year-on-year and representing circa 42.1 percent of total industry GGR. That segment’s revenue declined by PHP10.45 billion from a year earlier, according to the regulator’s announcement, which GGRAsia reported on 6 November 2026. Licensed commercial-sector casinos generated PHP45.38 billion, down 0.4 percent year-on-year, making them the largest contributor with circa 54.2 percent of total third-quarter GGR. PAGCOR-operated Casino Filipino venues generated PHP3.03 billion in the three months to 30 September, down 4.8 percent year-on-year, accounting for circa 3.6 percent of industry revenue. PAGCOR chairman and chief executive Alejandro Tengco said the regulator would continue working with licensees to strengthen performance while maintaining responsible gaming and regulatory standards.Market · Philippines