Kangwon Land’s Q3 22 pct profit falls

Kangwon Land, the only casino resort operator in the country where domestic gambling is allowed, reported that its net profit fell 21.6% year-on-year to nearly 93.3 billion won ($83.5 million) in the third quarter of 2018.

Sales fell 3.1% year-on-year to about 369.1 billion won in the three months to Sept. 30, the company said in a filing with the Korea Exchange on Thursday.

Kangwon Land reported three-month operating profit of 123.9 billion won, down 10.0 percent from a year earlier. Kangwon Land’s operating profit margin fell 2.5 percentage points to 33.6%.

Kangwon Land reported that gaming sales fell 7.5 percent year-on-year to W317.5 billion for the three months ended Sept. 30. The company saw declines in most gaming segments, with mass segment sales falling 9.1 percent year-on-year to W154.5 billion.

Slot machine sales fell 7.4 percent year-on-year to W138.7 billion. The sales of the company’s so-called “membership club” stood at W57.7 billion, up 1.4 percent year-on-year.

Non-gaming sales rose 36.8% year-on-year to 51.6 billion won in the third quarter, the company said in a separate release on Thursday.

The casino operator reported cumulative net profit of 278.3 billion won in the first nine months of 2018, down 22.5 percent from a year earlier. In the nine months to Sept. 30, sales reached nearly 1.9 trillion won, down 6.6 percent from a year earlier.

Koreans can only gamble at Kangwon Land Casino Resort (pictured) in the highlands of Gangwon Province, 150 kilometers (93 miles) from the capital, Seoul.

The casino operator has been under political pressure to curb the growth of its profits. Kangwon Land reduced its daily opening hours from Apr. 1 in accordance with the Korean government’s order. The casino on the property is now open to the public from 10 a.m. to 4 a.m. the next day. Kangwon Land’s casino was previously open from 10 a.m. to 6 a.m. the next day.

The company has also been ordered to reduce the number of mass tables from a maximum of 180 to a maximum of 160 from January 1, 2018.

BY: 바카라사이트 순위

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