• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 30 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Massive queues point to “overwhelming demand” for Kangwon Land in 3Q21

Newsdesk by Newsdesk
Wed 11 Aug 2021 at 14:15
Kangwon Land suspends main gaming floor reopening after spike in Korean COVID-19 cases
11
SHARES
267
VIEWS
Print Friendly, PDF & Email

Kangwon Land is positioned to record 20% quarterly sequential improvement in mass and slot revenues in 3Q21, with lengthy queues in recent weeks suggesting there is “overwhelming demand” from players to return post-COVID-19.

The positive outlook was outlined in a research note from JP Morgan following release of Kangwon Land’s Q2 financial results this week, which saw the only Korean casino at which locals are allowed to gamble return to profit on a 488% year-on-year increase in gross gaming revenue to KRW203.62 billion (US$176.6 million).

With floor capacity already back up to 1,800 from the 1,200 cap in place for most of the June quarter, analysts DS Kim, Derek Choi and Livy Lyu said they “feel comfortable to model Q3 mass/slot revenues to be 20% above 2Qs, and to project KRW25 billion (US$21.6 million) operating profit in 3Q21.”

Kangwon Land had recorded an operating profit of KRW2.70 billion (US$2.3 million) in Q2, with mass and slot revenues of KRW82.7 billion (US$71.7 million) and KRW74.0 billion (US$64.2 million) respectively.

Most encouraging, however, has been demand, with the analysts’ checks revealing between 8,000 and 9,000 players are queuing up virtually to enter every day via the property’s lottery system, with only around 3,000 admitted.

“There is clearly overwhelming demand,” they said. “Return to normalcy is just a matter of time. Granted, it’s tough to predict the timing of capacity normalization but we don’t think it’s unreasonable to expect social distancing to be lifted sometime in 2022, which in turn should allow Kangwon Land to release remaining capacity.

“This should comfortably drive its revenue back to pre-COVID levels, if not more, given the expanded operating hours (+10%) and capacity (+10%) versus 2019, in our view.”

RelatedPosts

Newport World Resorts operator Travellers said to be planning US$300 million IR in Cebu

Travellers could spend up to US$2 billion on expanded IR developments in Boracay and Cebu

Mon 28 Jul 2025 at 16:09
STDM-run casino among five concessions up for grabs in Portugal as government launches tender process

STDM-run casino among five concessions up for grabs in Portugal as government launches tender process

Mon 28 Jul 2025 at 05:54
Korea’s INSPIRE launches industry-first KakaoMap indoor map service to simplify property navigation

Korea’s INSPIRE launches industry-first KakaoMap indoor map service to simplify property navigation

Thu 24 Jul 2025 at 10:35
Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners said to be eying Crown Resorts to run casino at Queen’s Wharf Brisbane if takeover talks succeed

Fri 18 Jul 2025 at 11:11
Load More
Tags: casinoDS KimJP MorganKangwon LandMass tablesslot machinesSouth Korea
Share4Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Francis Lui: Galaxy planning to build new, boutique hotel at Galaxy Macau

Galaxy Macau’s Phase 4 hotels no longer deemed “under construction” by Land and Urban Construction Bureau

by Pierce Chan
Tue 29 Jul 2025 at 18:40

According to information from Macau’s Land and Urban Construction Bureau (DSSCU), there were only three hotels under construction in the SAR as of the end of the second quarter – all located on the Macau Peninsula and offering combined gross...

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

Philippines online gaming revenues surpass US$2 billion for first time ever in 1H25 – more than half of industry-wide GGR

by Ben Blaschke
Tue 29 Jul 2025 at 18:18

The Philippines gaming industry recorded combined gross gaming revenues of Php214.75 billion (US$3.75 billion) in the first six months of 2025, buoyed by the ongoing rise of the domestic online gaming (eGames) sector which surpassed US$2 billion for the first...

Ponte 16 expecting government approvals for expansion “very soon”

Latest Ponte 16 assistance package could see Success Universe’s outstanding contributions reach US$107 million

by Ben Blaschke
Tue 29 Jul 2025 at 14:23

Hong Kong-listed Success Universe Group could see the total amount of financial assistance it has provided to Pier 16 – Property Development, the operator of Macau integrated resort Ponte 16, reach HK$839 million (US$107 million) under a 2025 Financial Assistance...

FBM Foundation brings relief to Philippine communities impacted by typhoons

FBM Foundation brings relief to Philippine communities impacted by typhoons

by Newsdesk
Tue 29 Jul 2025 at 13:41

FBM Foundation led a relief operation across Luzon on Sunday 27 February to support the communities affected by Typhoons Crising, Dante and Emong, the company said. Focusing on swift mobilization, FBM Foundation prepared and distributed 1,000 relief packages in Batangas...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English