South Korea’s three major operators are likely to come through the economic downturn caused by the Covid-19 pandemic without too much difficulty, but the smaller and weaker operators on the island of Jeju may face a much tougher time, analysts say.
The South Korean casino market is dominated by three major players—Paradise Co., Grand Korea Leisure (GKL), and Kangwon Land.
Privately-held Paradise Co. operates four foreigner-only casinos in the country. These are Paradise Casino at Paradise City in Incheon, Paradise Casino Walkerhill in Seoul, Paradise Casino Busan, and Paradise Casino Jeju Grand.
Government-owned GKL operates three foreigner-only casinos under the Seven Luck brand; namely, the Seoul Gangnam Casino, the Seoul Hilton Casino, and the Busan Lotte Casino.
Finally, government-owned Kangwon Land operates a single casino in a remote part of Gangwon Province, but this facility has the distinction of being the only casino in the nation where it is legal for South Korean...
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.