Kangwon posts 10.7 pct decline in net profit in 17Q2

Kangwon Land posted a 10.7 percent decline in net profit for the second quarter of 2017, reaching KRW110.4 billion (US$96.9 million), according to a company results filing.

The South Korean locals-permitted casino noted that total sales declined 6 percent to KRW387 billion in 17Q2, down from KRW411.8 billion in 16Q2. Gaming sales fell 6.5 percent to KRW375 billion in 17Q2, attributed to a decline in VIP, mass table and slot machine sales, which went down 2.9 percent, 9.3 percent and 6.3 percent, respectively.

Kangwon Land also noted a decline in visitors in the quarter, down 0.8 percent to 726,000 from 795,000 in the prior year period.

More news from this jurisdiction

South KoreaWednesday, Sep 13, 2017

A new cruise ship terminal is set to be built just 5km from Incheon International Airport, with the aim of boosting passenger traffic to the airport and its two neighbouring resort complexes.

South KoreaTuesday, Sep 12, 2017

Casino operator Kangwon Land may see itself back in the center of a corruption scandal which took place between 2012 and 2013.

South KoreaMonday, Sep 11, 2017

Jeju Shinhwa World is set to add a new K-pop entertainment center, named YG Town, to its non-gaming offerings, Yonhap News reports.

South KoreaMonday, Sep 04, 2017

TGG Takara Gaming Group has secured Korea Testing Certification approval and has signed a gaming machine operation agreement with Majestar Casino.

South KoreaWednesday, Aug 30, 2017

Lotte Tour Development Co has selected Grand Hyatt as the hotel brand for its Jeju Dream Tower integrated resort.

South KoreaMonday, Aug 28, 2017

Kangwon Land, the only casino in South Korea that allows local gamblers, says it is discontinuing credit card cash services at the property starting September 1, 2017.

South KoreaWednesday, Aug 23, 2017

Lotte Tour Development Co, the company behind the proposed Jeju Dream Tower Integrated Resort is raising funds through the issuance of KRW 40 billion (US$35.3 million) of convertible bonds.