Friday, September 30, 2022

Kangwon Land posts 4.5 percent net income increase in 16Q3


South Korean casino operator Kangwon Land posted a 4.5 percent year-on-year increase in net income for the third quarter of 2016, totalling KRW 124.3 billion ($108.4 million).

Revenue from sales increased 6 percent year-on-year to KRW 438.1 billion in the quarter, according to the company’s filing to the Korea Stock Exchange.

Last quarter, the operator’s results missed forecasts, with Daiwa Securities Group’s analyst Thomas Kwon attributing the results “on a fall in VIP gamer traffic and hold ratio”.

Last month, the operator announced it was considering imposing tougher measures to prevent problem gambling, with plans to implement a cooling off period of up to three months for those suspected of problem gambling, according to local media.

The casino said it was also considering upping its admission fee to KRW 40,000 ($36) from the current KRW 9,000.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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