Scientific Game

Kangwon Land gaming revenue falls amid regulatory watch

Friday, 11 August 2017 07:40
Share
Visit us

Kangwon Land, operator of the only casino in Korea in which locals are allowed to gamble, has reported a 6.5% decline in gaming revenue and 10.7% net profit fall for 2Q17 – the results attributed to the company opening fewer tables as it looks to sneak under the radar of Korean regulators.

In its second quarter earnings report released this week, Kangwon Land declared total gaming sales KRW375 billion (US$327.7 million) for the three months to 30 June, down from KRW401 billion over the same period last year and from KRW393.3 billion in 1Q17.

Revenue from mass market gaming tables fell 9.3% to KRW167.3 billion with slot machine revenue down 6.3% to KRW140.5 billion, however JP Morgan analysts DS Kim and Sean Zhuang observed that Kangwon Land had been looking to “adjust revenues lower amind regulatory scrutiny”, with only 130 gaming tables and 1,100 to 1,200 slots active, well below the 145 tables and 1,300 slots operational through much of 2016.

Notably, the lower gaming revenue wasn’t reflected in visitation, which remained relatively stable year-on-year while non-gaming revenue grew 11.1% to KRW12 billion.

 

 

What's new

AGTech wins two more bids for China Sports Lottery

AGTech wins two more bids for China Sports Lottery AGTech Holdings Limited has announced that its wholly-owned subsidiary, Beijing AGTech GOT Technology Co., Ltd. (GOT), has won two more lottery hardware bids for China Sports Lottery in Zhejiang Province and Jilin Province, bringing the total number of successful bids for GOT in 2018 to 10 followin... Friday, 20 July 2018 06:26

Grand Lisboa Palace to open in stages, SJM boss reveals

Grand Lisboa Palace to open in stages, SJM boss reveals Grand Lisboa Palace, the HK$36 billion (US$4.6 billion) integrated resort currently being built in Cotai by SJM Holdings, will be opened in stages as the company races the clock to have the property ready before 2020. The project update was delivered by SJM Vice-Chairman, Executive Director and CEO... Friday, 20 July 2018 06:17

Japan’s IR bill likely to become law today after passing Cabinet Committee

Japan’s IR bill likely to become law today after passing Cabinet Committee Japan’s IR Implementation Bill is expected to finally become law today after passing one last hurdle on Thursday. The IR bill, which allows for the development of Japan’s first integrated resorts in three yet-to-be-specified locations, passed through the Cabinet Committee of the House of Council... Thursday, 19 July 2018 23:58

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Thursday, 19 July 2018 22:50

Current Issue

Moving ahead

Moving ahead A year after the deadly attack at Resorts World Manila, management continues to reinvent the property to recover and meet the challenge from Entertainment City rivals. By Muhammad Cohen | Editor-at-Large   The tragic events of 2 June 2017 at Resorts World Manila sent shock waves across the Phili... Friday, 29 June 2018 01:32

"This is not a drill..." Gaming businesses must plan judiciously for emergencies such as the Resorts World Manila attack, natural disasters and accidents so they can respond effectively when best plans fail. By Muhammad Cohen   Arson at Resorts World Manila a year ago, Typhoon Hato battering Macau last August and the La... Friday, 29 June 2018 01:24

Five signs that your organizational culture is toxic to customer experience

Five signs that your organizational culture is toxic to customer experience IAG explains the importance of company culture in achieving exceptional customer experience and the five signs that your culture might be toxic to your customer goals. By Sudhir H. Kalé, Ph.D.   Numerous studies on customer experience (CX) highlight the crucial role company culture plays in del... Friday, 29 June 2018 01:18

Height of Luxury

Height of Luxury With the opening of its new luxury hotel at City of Dreams in June, Melco Resorts is looking to take control of Macau’s lucrative premium mass segment. By Ben Blaschke   “We’re not just opening a new hotel today, we’re opening a whole new chapter. We’ve built a landmark for Macau and a... Friday, 29 June 2018 01:08