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Kangwon Land reports $18m profit for Q2

Kangwon Land, a South Korean casino resort catering to local players, has reported a profit of KRW20.9bn ($18.1m) for Q2 2021, compared to a net loss of KRW40.9bn the previous quarter.

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This also marks a year-on-year rise, as in 2020, Kangwon Land reported a loss of KRW45.6bn for Q2. Operating profit for the second quarter was KRW2.7bn, an improvement from operating losses for the last four quarters, according to GGRAsia.

The casino’s revenue saw a 487% year-on-year growth to KRW203.6bn, compared to KRW34.6bn recorded for Q2 2020. It’s also a 109% quarter-to-quarter improvement from KRW97.4bn in Q1 2021.

Gaming sales for the quarter were KRW183.9bn, a 550% rise. Mass gaming tables earned KRW82.7bn, while slot machines reported KRW74bn.

Premium players generated KRW47.1bn of gross gaming revenue and non-gaming sales rose by 210% to KRW19.8bn.

Kangwon Land can offer casino gaming to locals, but due to health and safety regulations, the venue’s operations have been restricted several times, mostly related to limiting guest capacity on gaming floors.

A total of 199,394 guests visited the casino during Q2 2021, an obvious rise from the 87,200 reported for the previous quarter, as the casino was closed for the majority of Q1.

With the current floor capacity of 1,800 players, which is 30% higher than Q2, JP Morgan analysts feel comfortable “to model third-quarter mass/slot revenues to be 20% above second quarter’s, and to project more than KRW25bn in operating profits for the third quarter of 2021.”

However, the analysts also cautioned that it’s difficult to predict future outcomes since South Korea still struggles with the pandemic.

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