Kangwon Land increases betting limits on blackjack and Texas Hold ’em poker tables
The new limits for blackjack will come into force on May 21.
South Korea.- Kangwon Land has announced that the Ministry of Culture, Sports and Tourism has approved its request to increase the betting limits for two blackjack tables and two texas hold ’em poker tables from KRW100,000 (US$71.9) to KRW300,000 (US$215.7). The move forms part of the casino operator’s plan to increase revenue.
The new blackjack limits will take effect on May 21, and the updated poker limits will begin in early June. The decision follows a recent approval for increased betting limits on two VIP baccarat tables that rose the ,inimum from KRW50,000 (US$35.9) to KRW500,000 (US$359.5).
For the first quarter of the year, Kangwon Land posted sales of KRW365.8bn (US$239.7m), up 6.2 per cent in quarter-on-quarter terms but down 0.6 per cent year-on-year. Non-gaming sales accounted for KRW49bn (US$32.11m), down 5.7 year-on-year but up 18.6 per cent sequentially. Gaming sales were KRW316.8bn (US$207.59m), up 0.2 per cent year-on-year and up 4.6 per cent compared to the previous quarter.
The company’s gross gaming revenue (GGR) was down 0.5 per cent year-on-year but up 3.3 per cent quarter-on-quarter at KRW344.4bn (US$225.68m). Mass table GGR was down 0.5 per cent year-on-year to KRW160.4bn (US$105.11m) while slot machine revenue was down 2 per cent to KRW135.3bn (US$88.66m). VIP Membership Club GGR grew by 4.2 per cent in year-on-year terms to KRW48.7bn (US$31.91m).
