GGRAsia – Kangwon’s casino GGR up 16 pct in second quarter

Kangwon’s casino GGR up 16 pct in second quarter

Aug 08, 2014 Newsdesk Latest News, Rest of Asia

The operator of the only casino resort in South Korea where nationals are allowed to gamble reported net profit for the second quarter of 2014 of KRW100.5 billion (US$97.2 million), up by 31.9 percent from a year earlier.

“Continued casino capacity expansion and increases of [table] drop amount” contributed to gross gaming revenue (GGR) of KRW346 billion in the three months to June 30, up by 16.2 percent from a year earlier, Kangwon Land Inc said in a statement on Friday.

Table drop increased by 9.5 percent year-on-year to KRW1.5 trillion, the casino operator added.

Operating profit for the period grew by 32.8 percent year-on-year to KRW123.6 billion. The company attributed the increase in operating profit to cost controls in supplies and advertising expenses.

There are currently 17 casinos in South Korea, but Korean nationals are only allowed to gamble at Kangwon Land (pictured in a rendering), a difficult-to-access location 150 kilometres (93 miles) southeast of Seoul in Kangwon province.

In July, the company broke ground on the “High1 Water World” project, an expansion that will include “a water-park, 12 pools and 15 spas”.

The project, expected to have a soft opening in the second half of 2016, has a price tag of KRW167.2 billion, the company said in Friday’s statement.