Kangwon Land Inc, operator of Kangwon Land (pictured), a South Korean resort with the only casino in that country open to locals, said on Wednesday that it had government approval to raise betting limits on two particular baccarat tables on the property’s “VIP floor”.
With effect from Wednesday, the minimum bet for them was raised to KRW500,000 (US$353), from KRW50,000, previously.
The table differential for those VIP baccarat tables – the allowed difference between the betting amount in ‘banker’ bets and ‘player’ bets – is also raised to KRW30 million, from the original KRW2 million, according to Kangwon Land’s Wednesday filing lodged with the Korea Exchange.
The casino operator noted that the new betting limits were via approved revision of “membership floor operating regulations” from the country’s Ministry of Culture, Sports and Tourism.
Kangwon Land Inc recorded KRW316.8 billion in first-quarter gaming sales, down 0.2 percent year-on-year.
Mass table revenue in that period was KRW160.4 billion, down 0.5 percent year-on-year; while membership club revenue – classified as VIP play – was KRW48.7 billion, up 4.2 percent year-on-year.
