Monthly sales figures for South Korea’s foreigner-only casinos improved in May and the outlook for hard-hit Jeju is also picking up as Covid restrictions are lifted.
South Korean casino operator Paradise Co. is set to be one of the key beneficiaries from a reopening of air- travel between Korea and Japan, given their historic reliance on Japanese tourists, says Shinhan Investment Corp. analyst Ji InHae.
South Korean casino operator Paradise Co. reportedly sold one of its office buildings in Gangnam in March in order to bolster liquidity amidst falling revenues from its gaming business.
South Korea is set to reinstate visa-free tourism to Jeju and Yangyang starting in June, allowing foreign travelers to stay in the country legally for 30 days without a visa.
Paradise Co, which runs four foreigner-only casinos in South Korea, reported a 5.7 percent year-on-year fall in casino sales in February 2022.
South Korean casino operator Paradise Co. reported a 7.1 percent uptick in sales in 4Q21, supported mainly by a 57.3 percent increase in hotel sales.