South Korea’s Kangwon Land net income drops in Q1

income at South Korean casino operator Kangwon Land fell 9.1% in the first quarter of 2017.

In a filing at the Korean Stock Exchange, Kangwon Land announced that its Q1 income had dropped to KRW129.79bn (US$116.0m) compared to KRW142.81bn (US$127.85m) in the prior-year quarter.

The casino’s sales for the period were down 3.1% to KRW422.97bn, whilst quarterly operating income declined by 8.7% year-on-year to KRW162.41bn.

The company reported gross gaming revenue of KRW393.9bn, down 3.6% from last year.

Kangwon Land resort is the only one of South Korea’s 18 casinos that is legally allowed to cater to local residents. The property is located in Kangwon province, 93 miles from the capital Seoul.

Kangwon Land’s dip in results has coincided with South Korea’s diplomatic row with China regarding North Korea. According to Morgan Stanley, the political uncertainty has seen the casino operator return to “2014” levels.