South Korea wants to turn the area near Incheon International Airport into a version of Manila’s Entertainment City, but its vision is at risk from competition from Japan.
In December, the Incheon Metropolitan Government reaffirmed its optimism that the Yeongjong-do Integrated Resort Cluster Project will become a “hub of culture and tourism industry in North Asia,” with the potential to create some 20,000 jobs, generating economic benefits of about $1.68 billion annually.
However, at the G2E @ the Philippines trade show in Manila in late 2019, Nicholas Kim, project director of the Incheon Free Economic Zone, observed that before Japan opened the door to IRs, global operators lined up by the dozens in response to requests for proposals in Incheon. Now, he said, the IFEZ has to wait days or weeks for one or two expressions of interest.
Kim said South Korea has about 65 percent of an anticipated $10 billion in...
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.