Revenue at Kangwon Land, the nation’s only casino resort operator open to locals, fell 75.8 percent year-on-year in the three months to Dec. 31 under pressure from declining gaming revenue.

The company said in a filing with the Korea Exchange on Thursday that its fourth-quarter net profit came to 19.05 billion won (US$16.9 million), up sharply from 78.39 billion won a year earlier.

South Koreans can only gamble at Kangwon Land Casino Resort (pictured) in the highlands of Gangwon Province, 150 kilometers (93 miles) from the capital, Seoul.

Operating profit fell 31.1% year-over-year to 65.77 billion won in the period, the company said.

The casino operator reported revenue of 351.87 billion won in the fourth quarter of 2018, down 8.6 percent from a year earlier. That includes gaming revenue of 312 billion won, down 9.5 percent from a year earlier.

The company declined across all gaming segments, with revenue in the mass table segment falling 8.8% year-on-year to 155.3 billion won.

Slot machine sales fell 7.3 percent year-on-year to W131.7 billion. Sales of the company’s so-called “membership club” fell 13.6 percent year-on-year to W56.4 billion.

Non-game sales fell 1.2% year-on-year to 39.9 billion won.

We have not commented on the quarterly results submitted to the Korea Exchange, nor have we made a separate presentation posted on our website.

Kangwon Land, however, noted that the total number of customers at casino resorts fell 12.8% year-on-year to 680,737. The company also said its revenue costs rose 4% year-on-year to 222.5 billion won.

In the 12 months to Dec. 31, Kangwon Land posted total revenue of about 1.44 trillion won, down 7.1 percent from 1.55 trillion won in 2017, the report showed Thursday.

In 2018, annual gaming sales fell 8.3% to 1.27 trillion won and non-gaming sales rose 3.6% to 164.3 billion won.

The company saw its full-year net profit fall 32.1% year-on-year to nearly 297.33 billion won.

The casino operator has been under political pressure to curb the growth of its income. Kangwon Land has been reducing its daily opening hours since April 1 in accordance with the Korean government’s order.

The company has also been ordered to reduce the number of mass tables from a maximum of 180 to a maximum of 160 from January 1, 2018.

BY: 무료 슬롯