Kangwon Land posted gross gaming revenue (GGR) of KRW378.8bn for the quarter ending September 30.<\/p>\n\n\n\n\n\n\n\n
South Korea.- The South Korean casino Kangwon Land <\/strong>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.<\/p>\n\n\n\n The casino operator reported a net profit of nearly KRW74.70bn<\/strong> (US$54m) for the third quarter. In the previous quarter<\/a>, 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).<\/p>\n\n\n\n Sales were up 27.6 per cent <\/strong>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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n In August, the brokerage NH Investment & Securities Co Ltd<\/a> 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. <\/p>\n\n\n\n In May, the casino operator returned to its normal capacity limit<\/a> after months of restrictions due to the Covid-19 pandemic. From April 18, the company was also allowed to extend its operating hours<\/a> to its pre-pandemic opening times of 10 am to 6 am. <\/p>\n","protected":false},"excerpt":{"rendered":" Kangwon Land posted gross gaming revenue (GGR) of KRW378.8bn for the quarter ending September 30.<\/p>\n","protected":false},"author":176,"featured_media":17776,"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 robust Q3 results, with GGR reaching KRW378.8bn and net profit at KRW74.70bn, driven by a significant 159.6% increase in visitor numbers. This performance reflects the positive impact of relaxed Covid-19 restrictions, allowing the South Korean casino to return to normal operating capacity and extended hours. The strong recovery positions the operator for potential full-year revenue of KRW1.33tn, as projected by NH Investment & Securities Co Ltd.","focusai_entities":"Kangwon Land, NH Investment & Securities Co Ltd","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.95), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Future Regulatory Impact","query":"What specific regulatory or policy changes in South Korea could further accelerate or impede Kangwon Land's growth trajectory, particularly concerning local visitor access or integrated resort development?"},{"label":"Revenue Diversification Strategy","query":"Given the strong recovery in gaming, what are Kangwon Land's strategic initiatives to enhance non-gaming revenue streams and reduce reliance on GGR volatility in the long term?"}],"footnotes":""},"categories":[16338,163,158],"tags":[16471],"class_list":["post-35308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","category-slider-home","tag-kangwon-land"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35308","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=35308"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35308\/revisions"}],"predecessor-version":[{"id":35327,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/35308\/revisions\/35327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17776"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=35308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=35308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=35308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}