South Korean casino shares drop as country plans to curb gambling

Kangwon Land, the operator of South Korean only casino open to local citizens, dropped by its daily trading limit in Seoul trading ahead of an announcement of the government’s plan to control gambling.

Kangwon Land dropped 15 , or USD 1,418 to USD 8,131, as of 10:26 a.m. local time, the most since September 2. The benchmark Kospi stock index declined 1.5 .

The government plans to limit total annual revenue of the gambling industry, including horse racing, lottery tickets and casinos, to 0.58 % of gross domestic product, the Financial News reported, citing an official at South Korean National Gaming Control Commission it didn’t identify.

The Commission will announce a detailed plan on the matter.