Good morning. South Korea’s foreigner-only casinos have been in a “world of hurt”, and are likely to continue to do so for several more years, says industry consultant Ben Lee. The introduction of proxy betting could be a savior for the industry, though there are doubts whether the move would garner sufficient political support.
What you need to know
- Sands China reported more than a threefold increase in net revenue in 3Q21 compared to 2020, though its results are still far below pre-pandemic 2019.
- Scientific Games may begin a US$3 billion Australian initial public offering of its global lotteries business as early as this week.
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- The Cambodian government has set new minimum capital requirements for new and existing casinos in a bid to improve the country’s economic growth.
- Metro Manila office vacancies are likely to rise to 15.4% by the end of the year due to a lack of demand from POGOs, Colliers International says.
On the radar
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What the papers say
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- Bengaluru police arrest 27 in illegal India Premier League betting ring
- Hoiana resort to welcome internationals back with tourist pilot program
The introduction of proxy betting would be a major boost for South Korea’s struggling foreigner-only casinos, although it’s unclear how much political support there would be for such a move, a leading industry consultant says. “Foreigner-only casinos are languishing,” said Ben Lee, managing partner at iGamiX Management & Consulting. “It’s a world of hurt and it’s likely to go on for several more years. Proxy betting could be a boon,” he said. According to Korean media reports, the government is discussing the potential introduction of some form of remote gaming that would target foreign VIP clients.
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