International brokerage JP Morgan Chase & Co. is feeling bearish on the prospects of casino operator Kangwon Land Inc. next year, when the South Korean government will reportedly start implementing the revenue cap for all forms of locals-focused gambling.

JP Morgan analysts warned on Sunday that the already-burdened Kangwon will face additional pressure from the South Korean government, which will be implementing the “Gambling Industry Reform Plan.”

“The plan includes four major initiatives, one of which effectively targets Kangwon Land by redesigning the revenue cap policy (RCP) with heavier penalties and stricter legal enforcement,” analysts DS Kim and Sean Zhuang said, according to GGRAsia.

South Korea’s revenue cap wasn’t really a new policy, according to JP Morgan. The plan was first introduced by the country’s National Gambling Control Commission in order to regulate legal gambling industries available to locals.