Kangwon Land GGR up 60.6% year-on-year in Q3

Kangwon Land posted gross gaming revenue (GGR) of KRW378.8bn for the quarter ending September 30.

South Korea.- The South Korean casino Kangwon Land has closed the third quarter of the year with positive results fueled by a recovery in visitor numbers. The number of visitors at the casino venue increased 159.6 per cent from last year to 659,941. Most were locals.

The casino operator reported a net profit of nearly KRW74.70bn (US$54m) for the third quarter. In the previous quarter, it had reported KRW37.55bn. Operating profit reached KRW118.72bn in the third quarter, up by 69.7 per cent when compared to the previous quarter and 389.1 per cent from Q3 2021 ( KRW24.27bn).

Sales were up 27.6 per cent quarter-on-quarter and 61.1 per cent year-on-year to KRW397.57bn. Gaming sales stood at KRW343.5bn, up 61.3 per cent from the prior-year period and 22.6 per cent quarter-on-quarter.

Gross gaming revenue (GGR) came in at KRW378.8bn, up 60.6 per cent when compared to Q3 last year. Mass gaming tables contributed KRW170.7bn while slot machines contributed KRW149bn. The company reported KRW54.1bn in non-gaming sales, with hotel operations contributing KRW32.3bn.

In August, the brokerage NH Investment & Securities Co Ltd predicted the casino operator could report revenue of KRW1.33tn (US$1.01bn) by the end of the year if Covid-19 measures are relaxed in South Korea. That would be a 69.1 per cent improvement from 2021.

In May, the casino operator returned to its normal capacity limit after months of restrictions due to the Covid-19 pandemic. From April 18, the company was also allowed to extend its operating hours to its pre-pandemic opening times of 10 am to 6 am.