Kangwon Land profit falls 30.3 percent in 18Q1

Kangwon Land, South Korea’s only locals-permitted casino, reported a 30.3 percent decrease in profit for the first quarter of 2018.

Net profit fell to KRW 90.4 billion (US$84.8 million), while total sales, including non-gaming revenue, fell 7.5 percent to KRW 385 billion.

The decrease in profit was partly attributed to a decline in its gaming revenue in 18Q1, which fell 7.2 percent to KRW 378.4 billion.

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

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