Korea casino stocks plummet as China headwinds, strong won and levy concerns weigh on sentiment

The stocks of all four listed Korean casino companies have plummeted in recent weeks, impacted by a raft of headwinds including China capital controls, a strong won, concerns over a potential increase in the Tourism Promotion and Development Fund levy and seasonality. The issue was highlighted by Yonhap News Agency , which noted that Paradise Co had over the past week fallen 55% from its year-to-date high while Kangwon Land had dropped by 27%. Grand Korea Leisure last week hit a new 52-week low and Jeju Dream Tower operator Lotte Tour Development also fell to new lows.