Kangwon Land posts net profit of US$28.8m for Q2

Gross gaming revenue (GGR) was up by 51.5 per cent year-over-year.

South Korea.- The South Korean casino Kangwon Land has reported a net profit of KRW37.55bn (US$28.8m) for the second quarter of the year. The figure was up 79.6 per cent year-on-year. Gross gaming revenue (GGR) came in at KRW308.80bn, up 51.5 per cent when compared to Q2 last year.

Mass gaming tables contributed KRW140.10bn to second-quarter GGR, while slot machines contributed KRW133.60bn. Casino sales reached KRW311.52bn, up 37.3 per cent quarter-on-quarter and 53 per cent year-on-year. Gaming sales were KRW280.10bn, up 52.4 per cent year-on-year and 45.7 per cent quarter-on-quarter.

In the three months to June 30, Kangwon Land generated an operating profit of KRW69.95bn, up from KRW2.70bn in Q2 2021 and up 564.3 per cent quarter-on-quarter. According to Kangwon Land’s website, the company received 492,971 visitors during the reporting period, up 147.2 per cent year-on-year. Most of Kangwon Land’s visitors were locals.

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 10am to 6am. 

Kangwon Land may build slot machine manufacturing plant

As previously reported by Focus Gaming News, Kangwon Land is reviewing other potential business opportunities and could launch its own slot machine manufacturing plant in Taebaek, Gangwon-do, where the operator is located.

Kangwon Land already has its own line of branded slot machines that are available on dedicated casino floors across Asia. Last year, the company signed a deal with game developer Flysher to distribute its slot machines in the North American market.

Asian Gaming Brief has reported that Lee Sang-ho, the Mayor of Taebaek, met with Kangwon Land’s CEO to discuss regional cooperation projects.