Kangwon Land, the operator of Kangwon Land (pictured), the only resort in the country with a casino that can serve local players, reported a net profit of 37.55 billion won to its shareholders in the second quarter. That was up 79.6 percent from a year ago, according to data submitted to the Korea Exchange Friday.

The second quarter’s performance reversed the 5.85 billion won deficit recorded in January-March of this year.

Kangwon Land posted an operating profit of 69.95 billion won in the three months to June 30, compared with 2.7 billion won in operating profit in the same period a year earlier. Kangwon Land said its operating profit rose 564.3 percent quarter-on-quarter.

In the three months to June 30, casino operators’ sales rose 37.3% sequentially to 311.52 billion won, compared with a 53.0% year-over-year increase.

Game sales in the second quarter were 280.1 billion won, up 52.4 percent from a year earlier. Game sales in the second quarter, measured sequentially, rose 45.7 percent.

Total game sales (GGR) in the June quarter rose 51.5 percent year-on-year to 308.8 billion won.

A total of KRW 140.1 billion of the GGR in the second quarter came from the bulk game table, and another KRW 133.6 billion came from the slot machine.

In both sectors, year-over-year growth significantly outpaced overall GGR growth, which was driven down by gaming revenue generated from the property’s “membership club,” which means facilities for premium players, down 25.5% year-over-year in the second quarter to just W35 billion.

Mass GGR, including slot games, has achieved an “impressive recovery above 90%” of pre-pandemic levels, according to a note from JPMorgan Securities on Friday.

“The VIP GGR remained weak at around 60% of pre-pandemic levels, even though Covid-related restrictions were only fully lifted in mid-May,” analysts DS Kim and Livy Lyu said.

During the reporting period, Kangwon Land received 492,971 visitors, an increase of 147.2 percent year-on-year, according to detailed results posted on its website. The visitors to Kangwon Land were mostly locals.

Game operations at Kangwon Land have returned to 20 hours a day since April 18 as local rules on social distancing to counter the spread of COVID-19 eased. Standing bets have been allowed again since mid-May and restrictions on customer numbers have also been lifted, the casino company said.

BY: 카지노