International credit-debt watcher Morgan Stanley has downgraded its outlook on South Korea’s Kangwon Land amid political turmoil in the country.

In its latest report, Morgan Stanley pointed out that South Korea’s sole locals-only casino took a beating due to the political crisis that resulted to the impeachment of President Park Geun-Hye. The turmoil has sent the casino operator at “2014 levels,” according to Morgan Stanley.

Also weighing Kangwon Land down, according to the international financial institution, was the uncertainty on whether a second casino catering for locals might be allowed in South Korea. Morgan Stanley issued its note following a visit to the property and meetings with Kangwon Land’s management.

“We are now at levels seen in 2014, with annual sales/net profit [at] 17 percent/27 percent below our current 2017 estimates,” read the analysis prepared by Morgan Stanley analyst Jay Lee in Seoul and his colleagues Praveen Choudhary and Alex Poon based in Hong Kong. “We think key market concerns were around: regulatory uncertainties (losing monopoly license amid discussion on the second locals-open casino); and earnings momentum slowing.”