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Revenue falling for Korea’s only locals casino Kangwon Land

Thursday, 09 August 2018 18:49
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Kangwon Land, the only casino in Korea where locals can legally gamble, saw its net sales fall 9.2% year-on-year and 10.5% sequentially in 2Q18 to KRW338.7 billion (US$301.6 million).

The decline included falling revenue in both gaming and non-gaming segments, with gaming revenue down 9.1% year-on-year to KRW311.3 billion and non-gaming down 9.5% to KRW27.4 billion.

Although the company didn’t provide any reasons for the decline in its earnings release, lower sales figures across most non-gaming segments suggests lower footfall – hotel sales fell 9.7%, condo sales 13.3% and ski sales 4.6% compared to the same period in 2017.

Casino sales declined by a total of 8.7% year-on-year to KRW341.7 billion, with mass tables down 9.4% to KRW151.6 billion and Membership Club sales down 18.1% to KRW54.4 billion.

Inside Asian Gaming reported earlier this year that Kangwon Land was being impacted by the decision to reduce the number of tables in operation throughout most of 2017 to around 130, well below the maximum allowed of 180, due to increasing pressure from South Korea’s Ministry of Culture, Sports and Tourism.

The company has also come under growing scrutiny following a recent scandal involving the hiring of 226 employees in 2012 and 2013 via political connections.

 

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