Kangwon Land Profit Falls 30 Percent in 2018Q1

Kangwon Land, South Korea’s only casino that allows Korean nationals to enter, reported a 30.3 percent decrease in profit for the first quarter of 2018.

Net profit fell to KRW 90.4 billion (US$85 million), while total sales, including non-gaming revenue, fell 7.5 percent to KRW 385 billion (US$368 million).

The decrease in profit was partly attributed to a decline in its gaming revenue in 2018Q1, which fell 7.2 percent to KRW 378.4 billion (US$364 million).

The operator saw its mass table revenue fall 7.3 percent, while VIP revenue fell 22.4 percent year-on-year. (AGB)