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Kangwon Land earns $18 million in the second quarter.

Kangwon Land earns $18 million in the second quarter.

This is also a year-on-year increase, as Kangwon Land recorded a loss of KRW45.6 billion in Q2 of 2020. According to GGRAsia, the operating profit for the second quarter was KRW2.7 billion, an increase over the previous four quarters' operating deficits.

The casino's income increased by 487% year on year to KRW203.6 billion, up from KRW34.6 billion in Q2 2020. It also represents a 109% increase from KRW97.4 billion in Q1 2021.

Gaming revenue for the quarter was KRW183.9 billion, a 550% increase. KRW82.7 billion was gained at mass gambling tables, while KRW74 billion was won at slot machines.

Premium gamers contributed KRW47.1 billion in gross gaming income, while non-gaming revenues increased by 210% to KRW19.8 billion.

Kangwon Land can provide casino gambling to locals, however the venue's activities have been limited multiple times owing to health and safety restrictions, most notably by limiting visitor capacity on gaming floors.

The casino saw 199,394 visitors during Q2 2021, a significant increase from the 87,200 reported in the previous quarter, since the casino was closed for the entirety of Q1.

With a current floor capacity of 1,800 players, which is 30% greater than in Q2, JP Morgan analysts are certain that "third-quarter mass/slot revenues will be 20% higher than in the second quarter, and operating profits will exceed KRW25 billion in the third quarter of 2021."

However, researchers stressed that future effects are impossible to predict because South Korea is currently dealing with the pandemic.

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