Kangwon Land posts net profit of US$17.3m for Q3

Kangwon Land has shared its financial results for the third quarter of the year, reporting a 2.4 per cent decline in net profit from KRW20.9bn in Q2 to KRW20.42bn (US$17.3m).

South Korea.- The South Korean casino Kangwon Land has revealed that its net profit for the third quarter of the year declined 2.4 per cent quarter-on-quartern to KRW20.42bn (US$17.3m). GGR for the quarter was up 15.8 per cent from KRW203.8bn to KRW235.90bn, which was also a rise of 272.4 per cent when compared to Q3 2020.

Of the total GGR registered, KRW92.60bn came from mass gaming tables while slot machines generated KRW91.20bn. VIP players generated KRW52.1bn. Kangwon Land registered total sales of KRW245.20bn, up 220.1 per cent when compared to KRW76.60bn in the third quarter of 2020 and up 20.4 per cent from Q2 2021.

Gaming sales were up 15.8 per cent from KRW183.9bn to KRW213bn, an increase of 261.6 per cent year-on-year. Non-gaming sales were up 82.2 per cent year-on-year and 63.4 per cent when compared to the previous quarter, at KRW32.3bn.

Kangwon Land registered an operating profit of KRW24.30bn for Q3, up 798.4 per cent when compared to the previous quarter.

The casino operator has recently been authorised to ease capacity restrictions to allow 2,300 customers at any one time, up from 1,800. Authorities allowed the casino to resume operations from November 1. Entry is permitted only to those who have been fully vaccinated against Covid-19 and can show a vaccine pass or to customers who can show a negative Covid-19 test issued within 48 hours before their visit. 

According to the company, the venue received 254,188 visitors in Q3, up 534 per cent year-on-year and up 27.5 per cent when compared to the previous quarter. The majority of the visitors were locals.