Nov 09, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  
Kangwon Land Inc – operator of Kangwon Land (pictured) a resort with the only casino in South Korea permitted to serve local players – saw net profit of nearly KRW20.42 billion (US$17.3 million) in the third quarter to September 30, down by 2.4 percent from the previous quarter. That is according to the firm’s unaudited financial results published on Tuesday. The firm recorded a net loss of KRW40.90 billion in the third quarter last year.
Capacity restrictions at Kangwon Land were in place during the latest reporting period, as a Covid-19 countermeasure.
From early November the venue was permitted to increase the number of gaming customers it can receive at any one time to over 2,000, from 1,800 previously. The 1,800 maximum daily guest capacity – applied since mid-July – amounts to 30 percent of the 6,000-visitor pre-pandemic level.
During the third quarter, Kangwon Land received 254,188 visitors, a surge by 534 percent year-on-year and by 27.5 percent sequentially, according to the firm’s results release. Kangwon Land’s visitors were mostly locals.
Third-quarter sales this year reached KRW245.20 billion, a surge by 220.1 percent on the KRW76.60 billion achieved in the third quarter of 2020. Judged quarter-on-quarter, sales were up by 20.4 percent on the KRW203.60 billion tallied in the second quarter of this year.
Gaming sales in the third quarter were KRW213.00 billion, up by 261.6 percent on the KRW58.90 billion achieved in the prior-year quarter. Measured sequentially, third-quarter gaming sales were also up 15.8 percent from KRW183.90 billion in the previous quarter.
Third-quarter non-gaming sales were KRW32.30 billion, up by 82.2 percent year-on-year, and by 63.4 percent sequentially.
Kangwon Land saw an operating profit of KRW24.30 billion in the third quarter, a surge by 798.4 percent from KRW2.70 billion achieved in the previous quarter. That also compared to the firm’s operating loss of KRW64.90 billion in the prior-year quarter.
Gross gaming revenue (GGR) for the third quarter was KRW235.90 billion, up by 272.4 percent year-on-year, and also 15.8 percent higher than the KRW203.80 billion achieved in the second quarter.
Of the third-quarter GGR, a total of KRW92.60 billion came from mass gaming tables and another KRW91.20 billion came from slot machines. The property’s ‘Membership Club’ – a reference to a facility for premium players – generated GGR of KRW52.1 billion for the third quarter. Both the mass and premium gaming segments have marked sequential growth.
The results filing reiterated that Kangwon Land’s GGR is subject to a sales cap policy from the National Gambling Control Commission in South Korea.
May 18, 2023
May 10, 2023
Jun 01, 2023
Jun 01, 2023
Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking its market approach in the land-based segment, in terms of manufacturing and sales, says Naoki Kameda (pictured, left), the firm’s...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We’re interested [in entering Thailand], we’re looking… but it’s early days”
Robert Goldstein
Chairman and chief executive of casino operator Las Vegas Sands