South Koreans can only gamble at Kangwon Land Casino Resort

Kangwon Land to cut dividend in 2018 as annual profit falls

Kangwon Land, which operates the country’s only casino resort, on Friday recommended a final dividend of 900 won (US$0.794) per share for the year ended Dec. 31, 2018. Those dividends are 9.1% lower than those announced for the 12 months of 2017, according to company records.

In a filing with the Korea Exchange on Friday, Kangwon Land said its dividend in 2018 represented a dividend yield of 2.7% based on the current market price of the company’s shares.

The company said the total annual dividend in 2018 amounted to about 182.5 billion won. It added that the dividend payment will be approved at the company’s general shareholders’ meeting on March 28.

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.

The Kangwon Land operator’s profit fell 32.1% year-over-year in 2018 due to an 8.3% drop in gaming revenue, the company said in February.

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 casino operator has been under political pressure to curb the growth of its profits. 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: 릴게임사이트

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