{"id":21334,"date":"2021-08-10T13:30:57","date_gmt":"2021-08-10T16:30:57","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21334"},"modified":"2026-04-23T16:46:44","modified_gmt":"2026-04-23T19:46:44","slug":"kangwon-land-posts-net-profit-of-us18-2m-for-q2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-posts-net-profit-of-us18-2m-for-q2","title":{"rendered":"Kangwon Land posts net profit of US$18.2m for Q2"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Kangwon Land has shared its financial results for the second quarter of the year, reporting a net profit of KRW20.9bn (US$18.2m).<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">South Korea.- The South Korean casino\u00a0<strong>Kangwon Land has reported a net profit of KRW20.9bn (US$18.2m)\u00a0<\/strong>for the second quarter of the year. However, its cumulative net loss for the first half amounts to over KRW19bn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the previous quarter, the company reported a\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-sales-down-58-7-in-q1\">net loss of KRW40.9bn (US$36.6m)<\/a>\u00a0and sales of KRW97.4bn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-to-reduce-capacity-to-30\">Kangwon Land<\/a>\u00a0has recently\u00a0<strong>reduced its capacity again to 30 per cent of pre-pandemic levels<\/strong>\u00a0due to an increase in Covid-19 cases in South Korea.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the first half of the year,\u00a0<strong>the casino operator registers a cumulative net loss of over KRW19bn<\/strong>. Second-quarter sales were KRW203.6bn, up 488 per cent when compared to the second quarter of 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>GGR for the quarter KRW203.8bn<\/strong>, up 539.4 per cent year-on-year and up 107.3 per cent from the first quarter. Of that, <strong>KRW82.7bn came from mass gaming tables<\/strong>\u00a0and KRW74.0bn came from slot machines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Gaming sales were KRW183.9bn, up 550.4 per cent<\/strong>\u00a0year-on-year and up 115.3 per cent from the previous quarter. Non-gaming sales were up 210.4 per cent when compared to the previous year and up 64.4 per cent quarter-on-quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The number of\u00a0<strong>visitors registered during the period<\/strong>\u00a0was 199,394, an increase from the 2,364 visitors registered a year ago and the 87,200 visitors during the first quarter of the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to\u00a0<strong>Shinhan Investment Corp<\/strong>, the\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-could-see-earnings-improve-in-2022-analysts-say\">South Korean casino<\/a>\u00a0could see a\u00a0<strong>gradual recovery during 2021 and 2022<\/strong>\u00a0as\u00a0<strong>social distancing rules are eased\u00a0<\/strong>following a rise in the vaccination rate in South Korea.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Business Korea, analysts think the\u00a0<strong>gaming revenue cap could rise by 5 per cent and 7\u00a0per cent<\/strong> between 2020 and 2022.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kangwon Land has been allowed to\u00a0<strong>increase betting limits on 20 gaming tables<\/strong>, a measure that should provide the casino operator with additional growth in sales from the second quarter of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kangwon Land has shared its financial results for the second quarter of the year, reporting a net profit of KRW20.9bn (US$18.2m).<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land reported a Q2 net profit of KRW20.9bn, a significant turnaround from its Q1 net loss, driven by a 539.4% YoY increase in GGR to KRW203.8bn. Despite a cumulative H1 net loss, the South Korean casino saw substantial growth in gaming and non-gaming sales and visitor numbers, supported by increased betting limits and an anticipated market recovery.","focusai_entities":"Kangwon Land, Shinhan Investment Corp, Business Korea","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"H1 Loss Mitigation","query":"What specific operational efficiencies or market adjustments are planned by Kangwon Land to mitigate the cumulative H1 net loss and achieve sustained profitability in subsequent quarters?"},{"label":"Regulatory Impact Analysis","query":"How will the recent increase in betting limits and the anticipated rise in gaming revenue caps impact Kangwon Land's GGR and NGR projections for the latter half of 2021 and 2022, considering current capacity restrictions?"}],"footnotes":""},"categories":[16338,163],"tags":[16471,23907],"class_list":["post-21334","post","type-post","status-publish","format-standard","hentry","category-east-asia-news","category-finance-news","tag-kangwon-land","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=21334"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21334\/revisions"}],"predecessor-version":[{"id":21358,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21334\/revisions\/21358"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}