The only venue in South Korea where both locals and foreigners are allowed to gamble alongside each other, Kangwon Land Casino, has, for Q1 of this year, reported a 30.3% reduction in profit.
Asia Gaming Brief reports that the casino, located in Sapuk-eup, Jeongseongun, South Korea, saw decreases in both net profit and total sales, including non-gaming revenue, of KRW 90.4 billion (US$84.8 million) and 7.5 percent to KRW 385 billion respectively.
The reported decrease in profit, for what is the largest casino in South Korea, was reportedly attributed in part to a decline in the operator’s Q1 gaming revenue, which dropped 7.2% to KRW 378.4 billion this year.
Additional declines where seen in mass table revenue, which fell 7.3% and in VIP revenue decreasing 22.4% year-on-year, the news outlet reports.
In March this year, the headquarters of owner-operator Kangwon Land Incorporated was reportedly part of a raid by federal prosecutors that included the offices of the Ministry of Culture, Sports and Tourism, regarding allegations of the illicit hiring of staff at Kangwon Land Casino.