Casino op Kangwon Land Q2 Profit Down 12pct q-o-q
Kangwon Land, the operator of Kangwon Land, the only casino in the country that is allowed to accommodate domestic players, saw its parent company owner’s net profit rise 138.3 percent year-on-year but fall 11.9 percent quarter-on-quarter.
Those gains in the three months to June 30 were 89.48 billion won (US$68.6 million), compared with 101.54 billion won in the first quarter, data showed Monday at the Korea Exchange.
Kangwon Land’s second-quarter sales fell 7.5% in a row to W331.33 billion. However, year-over-year sales rose 6.3% compared to W311.52 billion in the second quarter of 2022.
Masstable casino gross game sales (GGR) in the second quarter came to 158.3 billion won, up 13.0% year-over-year, but down 5.5% sequentially, according to an earnings release on Monday.
The company’s other gaming arm, “Membership Club,” saw a 24.0% year-over-year GGR of 26.6 billion won and a 12.5% decrease compared to the first quarter of 2023.
Slot machine GGR rose 1.2% to 135.2 billion won in the second quarter of 2022, but was down 2.5% sequentially. Quarterly GGR figures were all presented in equity market filings, with no more than two decimal places.
The second-quarter decline, which is the amount bought at the table instead of exchanging chips, was nearly 1.42 trillion won, up 1.5% from a year earlier. It was down 5.4% from the first quarter of 2023.
Visits to Kangwon Land’s casino in the three months to June 30 rose 16.9 percent to 576,206, but declined 7.7 percent quarter-on-quarter. Most of the visits were from Koreans.
Operating profit for the second quarter of 2023 was just under W82.04 billion, improving by 17.7% sequentially, and operating profit for the second quarter of 2022 increased by 17.3%, according to the securities filing.
The owner of Kangwon Land’s parent company posted a net profit of 191.02 billion won in the first half, up 502.5% from a year earlier.
BY: 안전한 카지노사이트