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.
Aug 20, 2019The operator of the Resorts World Manila casino resort (pictured) in the Philippines started on Monday its offer to public shareholders to take the business private, according to an update that day...
Aug 20, 2019
Aug 20, 2019
"The Hong Kong protests may hurt Macau gross gaming revenue by about mid-single-digit (i.e., half of maximum visitation exposure), which should fade away gradually as people will find alternative ways to visit Macau”
DS Kim, Jeremy An and Christine Wang
Analysts at brokerage JP Morgan Securities (Asia Pacific) Ltd