South Korea

Paradise Co., the owner of four foreigner-only casinos in South Korea, reported a 13.5 percent increase in February revenue year-on-year, but sales slipped from the prior month and new Chinese travel curbs may further slow growth.

Macau may benefit from a March 3 decision by Beijing to restrict travel to South Korea, Sterne Agee said in a note.

Lottery, casino and horse racing revenues in South Korea expanded sharply in 2016 despite a long-lasting economic slowdown, local media reports.

Korea’s only casino allowing for local entry, Kangwon Land, is likely to have underperformed in 16Q4 and will continue to do so in 2017, say Korean analysts.

South Korean casino operator Paradise Co. Ltd.’s net profit fell 31.2 percent year-on-year to KRW 4.4 billion (US$3.8 million) in the fourth quarter of 2016.

Results for South Korea’s gaming operators improved in 2016, although foreign operators appear to be losing patience, with major projects either stalled or abandoned.

Chinese visitors to South Korea rebounded in December 2016, up 15.1 percent year-on-year, according to data from the Korea Tourism Organization (KTO).

An increasing number of Koreans are turning to lotteries, casinos and other speculative games despite the economic slump.

Results for South Korea’s gaming operators improved in 2016, although foreign operators appear to be losing patience, with major projects either stalled or abandoned.

Results for South Korea’s gaming operators improved in 2016, although foreign operators appear to be losing patience, with major projects either stalled or abandoned. Market watchers say the initial euphoria faded fast when operators were faced with the reality on the ground, which includes high costs, difficulty in client acquisition and changing regulation.



This content is for members only. To continue reading

Join Now

Casino investor Landing International Development Ltd. is proposing to implement a ‘capital reorganization’, which will entail a capital reduction as well as a subdivision of the unissued share capital of the company.

Pages