Kangwon Land Casino receives a favorable forecast
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JPMorgan Chase and Company forecast that South Korea's Kangwon Land Casino will likely record an around 20% sequential rise in third-quarter gross gaming revenues due to ‘overwhelming demand’ from domestic players. The remote venue released its second- quarter financial results showing an increase of 488% year-on-year in gross gambling revenues to approximately $176.6 million.
Kangwon Land Casino has increased its floor capacity by 50% since the second quarter. It is expected to make a third-quarter profit of $21.6 million. The casino is operated by Kangwonland Incorporated. Social distancing should be lifted sometime in 2022.
Kangwon Land Casino's operating profit for the second-quarter climbed by 102% year-on-year to top $2.3 million. Mass-market and slot revenues hit $71.7 million and $64.2 million respectively. VIP receipts for three months to the end of June were $40.9 million, and visitation surged by 8,000% to nearly 200,00.
Kangwon Land Casino has a selection of some 180 gaming tables and 1,360 slots. It has been experiencing daily queues of up to 9,000 players.
