Kangwon Land up

    Kangwon Land, which operates the only casino catering for locals in South Korea posted a net profit of US$97.2 million (KRW 100.5 billon) in the second quarter of the year, it said in a stock filing. Continued casino capacity expansion effects and increases of table drop amount of 9 percent were attributed for a 31.9 increase of net profits. The company reported 16.2 percent increase on gaming operations and a 16.3 percent drop on non-gaming. Kangwon saw an yoy increase in operating profit with SG&A down 7 percent and CoS up 6 percent. Mass table revenue was up 7.1 percent while slots were up 14.9 percent with the replacing of old machines. Visitation was down 1.7 percent, accounting for the drop in non-gaming, on event cancelations. Kangwon Land maintains its 2H16 time frame for the soft opening of its KRW 167.2 billion, 30,580 sqm, High1 Water World Project, and 1H17 for the grand opening.