Gangwon Land Casino Q3 Outlook Optimistic Outlook
Financial services giant JP Morgan Chase & Co. reportedly expected South Korea's Kangwon Land casino to post a sequential increase of about 20 percent in total game sales in the third quarter due to "overflowing demand" from local companies.
The forecast comes after remote sites reported second-quarter financial results, reporting a 488% year-over-year increase in total gaming revenue to about $176.6 million, according to a report by Inside Asian Gaming. The performance of the only real estate in which both locals and foreigners can gamble together marked a 109 percent successive gain, adding the related net profit to about $181 million, up nearly 146 percent.
JPMorgan Chase and Company Says Kangwon Land Casino Already Up 50% From Its Most COVID-Related High Of 1,200 In Q2 And Now Considering Q3 Net Profit In $21.6M Region, Says Kangwon Land-operated Company Has Been Experiencing 'Clear' Demand Since Then, It Sees Normal
I'm told I read the statement from JPMorgan Chase and Company…
"Of course, it's hard to predict the timing of capacity normalization, but I don't think it's unreasonable to expect that social distancing will be completely lifted during 2022 so that Kangwon Land Casino can release its remaining capacity. Given the expanded operating hours and capacity compared to 2019, this should comfortably return revenue to pre-COVID levels."
Kangwon Land Casino, which opened in 2000, saw its second-quarter operating profit rise 102% year-on-year to $2.3 million, with mass market and slot sales of $71.7 million and $64.2 million, respectively.
Inside Asian gaming recently reported that Kangwon Land Casino has more than 180 game tables, like 1,360 slots, and 9,000 players are lining up every day, even though lottery systems implemented to curb the spread of coronavirus have since limited access to only up to 3,000 visitors