Your Daily Asia Gaming eBrief: Proxy betting could ease pain for Korea’s foreigner-only casinos

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.

Your Daily Asia Gaming eBrief: Proxy betting could ease pain for Korea’s foreigner-only casinos

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.
  • Aristocrat announced it has successfully completed one of the key capital raising milestones required for its acquisition of Playtech Plc. 
  • Galaxy Entertainment said it has invested $15.6 million in Asia’s first bio-diversity-themed bonds to support Macau’s finance industry.
  • 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


What the papers say

AGB Intelligence


DEEP DIVE

Seven Luck casino

Would proxy betting ease pain for Korea’s foreigner-only casinos?

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. 

INDUSTRY UPDATES


AGBriefings Magazine October

MEMBERSHIP | MAGAZINE | ASEAN | CAREERS