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South Korea's Casinos Share Price Rise Sharply

19 August 2001

SOUTH KOREA – August 19, 2001 –As reported by the Korea Times: "The stock price of KangwonLand has jumped to over 120,000 won in the over- the-counter market, posting a 223 percent increase rate since the beginning of this year.

"….The price for shares of KangwonLand, which owns and runs a casino in Kangwon-do, increased sharply in May, when the company applied for registration on the KOSDAQ, and has kept edging up since then.

"The continual rise is due to the fact that the company reported a turnover of 224.6 billion won and a net profit of 112.1 billion won during the first half of this year, while KOSDAQ's review on the possible registration of KangwonLand is scheduled for September, according to market sources.

"…Related local governments and public corporations own 51 percent of the total stock of the casino company, including 34 percent by the Coal Industry Promotion Board, while general investors hold the remaining 49 percent.

"KOSDAQ registration also affected another casino company's stock price. Paradise, which will be subject an upcoming examination by KOSDAQ on its potential listing, reported a 162 percent increase rate, from 2,700 won early this year to 7,100 last Thursday…"

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