In South Korea and local casino operator Kangwon Land Incorporated has reportedly released its unaudited third-quarter financial results showing that its net profit increased by almost 150% year-on-year to hit approximately $17.3 million.
According to a report from GGRAsia, the Seoul-headquartered firm is responsible for the Kangwon Land Casino and revealed that the long awaited gain for the three months to the end of September was nevertheless 2.4% down on the previous quarter’s $17.7 million largely owing to a range of new coronavirus-related public health and capacity restrictions that restrained visitation. The source detailed that the company’s sole gambling-friendly property had only been permitted to simultaneously accommodate 1,800 visitors up to the end of last month although this long-running constraint has since been upped by a little over 11% to a maximum of 2,000, which is still only 30% of the pre-pandemic 6,000 ceiling.
State-owned Kangwon Land Incorporated has operated Kangwon Land Casino in rural Gangwon Province since 2000 with the lakeside facility reportedly being the only venue of its kind where locals are permitted to gamble alongside foreign nationals. Situated approximately 93 miles from the capital city of Seoul, the large development is currently licensed to offer 180 gaming tables alongside 169 slots and 1,191 other electronic games but was purportedly closed multiple times last year including for a 21-week period from late-February owing to the coronavirus pandemic.
Kangwon Land Incorporated reportedly disclosed that its Kangwon Land Casino received 254,188 visitors over the course of the most recent third quarter, which equated to a swell of 54% year-on-year and 27.5% sequentially, although the vast majority of these were local holidaymakers. As a consequence, the operator purportedly explained that associated sales had surged by 220.1% on an annual aggregated basis to exceed $208.2 million as gaming sales alone improved by 261.6% to reach $180.8 million.
This warmly embraced third-quarter resurgence for Kangwon Land Incorporated reportedly furthermore encompassed a much welcomed rise of 82.2% year-on-year in non-gaming sales to roughly $27.4 million and helped to produce an overall operating profit of $20.6 million, which was 798.4% higher than the $2.3 million chalked up for the same three-month period in 2020.
GGRAsia additionally reported that third-quarter gross gaming revenues at Kangwon Land Casino improved by 272.4% year-on-year and 15.8% sequentially to around $200.1 million with about 39% of this action at $78.5 million coming from the venue’s ever-popular collection of mass-market gaming tables. The South Korean enterprise purportedly also chalked up $77.3 million in slot receipts while its exclusive Membership Club scheme for high-value players brought in a further $44.2 million.