Kangwon Land net profit up 138% in Q2

The casino operator has posted net profit of KRW89.2bn (US$68.5m) for the three months to June 30.

South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has shared its financial results for the second quarter of the year. It posted net profit of KRW89.2bn (US$68.5m), up 138.3 per cent in year-on-year terms but down 12 per cent when compared to the previous quarter.

The company’s sales fell 7.5 per cent quarter-on-quarter to KRW331.1bn (US$253.5m), of which KRW294.3bn (US$225.3m) was attributed to gaming revenue. Gross gaming revenue was also down 7.5 per cent quarter-on-quarter at KRW331.1bn (US$253.5m). This decline is reflected in both mass table revenue, down 5 per cent at KRW158.3bn (US$121.1m) and slots revenue, down 2.5 per cent at KRW135.2bn (US$103.4m).

Kangwon Land’s membership club revenue fell 2.3 per cent to KRW26.6bn (US$20.3m). Visitor footfall was 576,206, representing a 7.7 per cent quarter-on-quarter decline. Foreign visitors reached 5,303.

Apart from its integrated resort operations, Kangwon Land has entered the Philippine market as a gaming machine supplier.