Kangwon Land (KRX: 035250): Shares Are Still Down Despite a Mass Gaming Revenue Recovery

Of the 17 total casinos in Korea, state-controlled Kangwon Land (KRX: 035250) is the only one where Koreans are allowed; but shares continue to trend down despite a recovery in mass gaming revenues.

Of the 17 total casinos in Korea, state-controlled Kangwon Land (KRX: 035250) is the only one where Koreans are allowed. Other legal gambling facilities for locals are limited to horse and bike racing.

Q4 2022 results missed expectations due to poor VIP traffic and uncertainties about when they will return. Q1 2023 earnings saw a recovery in mass gamin…