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.

Kangwon Land sees profit fall 30.3 percent in Q1 was last modified: May 14th, 2018 by K Morrison