Grand Korea also down, Paradise up
Kangwon Land, the only casino in South Korea that allows locals to gamble, recorded a drop in its fourth-quarter profits of 75.8 per cent year-on-year. According to the South Korean government, that outcome is what it was looking for when it ordered the casino to cut its operating hours and reduce its mass tables from 180 to 160.
According to CDC Gaming Reports, revenues for the quarter declined from $69.43 million in 2017 to $16.9 million in 2018. Operating income was down 31.1 percent year-on-year. Mass table revenue dipped 8.8 percent to $137.56 million, and slot revenue fell 7.3 percent to $116.65 million. Foot traffic for the three-month also decreased 12.8 percent to fewer than 690,000 visitors. GGR for the whole year amounted to $1.25 billion, a decline of 8.3 percent.
Grand Korea Leisure, which operates the 7Luck brand, also saw a decline of 51.8 fall in profits to $6.1 million for the period, with GGR down 15.7 percent from 2017.
Paradise Co., on the other hand, saw a 15.7 increase in GGR from 2017 with slot revenues up 16.9 per cent.
