JP Morgan Tips Kangwon Land To Maintain GGR Growth In Second Half

Brokerage JP Morgan Securities predicted that Korean casino operator Kangwon Land's gross gaming revenue (GGR) will continue to grow at around 6% or 7% annually in the second half of 2019.

Kangwon Land operates the Kangwon Land Resort (pictured) in northeastern Seoul, which is the only casino in the country where Koreans can gamble.

The JPMorgan stock brokerage issued a note on Thursday with forecasts reflecting Kangwon Land's financial performance for the second quarter of 2019.

JPMorgan forecasts Kangwon Land's GGR to grow about 5% or 6% annually in 2020 and 2021.

"It's all a decent level of growth, if not solid, but it's already living up to market expectations," DS Kim said.

Kangwon Land announced Thursday that its parent shareholders' net profit fell 46.1% year-on-year in the second quarter, just over 50.94 billion won ($42.12 million).

Second-quarter revenue rose 7.5 percent to just over 364.26 billion won. Second-quarter operating profit rose 50.2 percent to just over 172.77 billion won, Kangwon Land said.

JPMorgan said Kangwon Land's second-quarter GGR grew 6% to 363 billion won, growing in both the VIP and mass markets.

Kangwon Land's mass table division sales rose 6.9% year-on-year to 162.1 billion won in the second quarter, while its slot machine division sales rose 2.7% to 139.4 billion won, according to a separate report submitted Thursday.

Sales in the so-called "membership club" segment reached 61.6 billion won during the period, up 13.3% from a year ago.

BY: 슬롯사이트 추천