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Korean casino shares drop as country plans to curb gambling

18 November 2008

SEOUL, South Korea -- As reported by Bloomberg: "Kangwon Land Inc., the operator of South Korea's 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 percent, or 2,050 won to 11,750 won, as of 10:26 a.m. local time, the most since Sept. 2. The benchmark Kospi stock index declined 1.5 percent.

"The government plans to limit total annual revenue of the gambling industry, including horse racing, lottery tickets and casinos, to 0.58 percent of gross domestic product, the Financial News reported yesterday, citing an official at South Korea's National Gaming Control Commission it didn't identify. The Commission will announce a detailed plan today..."

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