Kangwon Land Inc, operator of Kangwon Land (pictured), a South Korean resort with the only casino in the country open to locals, announced on Tuesday that it had received government approval to raise minimum betting limits on selected mass-market blackjack and Texas Hold’em poker tables.
With effect from Wednesday (May 21), the minimum bet at two selected blackjack tables will be increased to KRW300,000 (US$216), from KRW100,000 previously.
The minimum bet at two selected Texas Hold’em poker tables will also be increased to KRW300,000, from KRW100,000 previously. Such increase will take effect from “early June”, the company said in a filing.
The casino operator noted that the new betting limits had been approved by the country’s Ministry of Culture, Sports and Tourism.
Earlier this month, Kangwon Land Inc said it had received government approval to raise betting limits on two particular baccarat tables on the property’s “VIP floor”. The minimum bet for those tables was increased to KRW500,000, from KRW50,000 previously.
Kangwon Land Inc recorded KRW316.8 billion in first-quarter gaming sales, down 0.2 percent year-on-year.
Mass table revenue during that period was KRW160.4 billion, down 0.5 percent from a year earlier, while membership club revenue – classified as VIP play – was KRW48.7 billion, up 4.2 percent year-on-year.
