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GTI Global Network > News > International
S. Korea GGR likely improving: Union Gaming (2018/08/27)

South Korea’s foreigner-only casinos are likely to report improved revenue this year after suffering the fallout from a political spat between Beijing and Seoul in 2017, Union Gaming said in a note. Paradise Co. says in the first six months of this year, gaming volumes were up 18 percent. “As Paradise is the bellwether, we would expect the entire market is broadly in line with Paradise,” it said. Separately, Landing Int’l, which opened Jeju Shinhwa World on 25 February, issued a positive profit alert to the Hong Kong exchange on Friday, noting an approximately 500 percent increase in net profit driven by “the increased revenue contributed from gaming business in Jeju, South Korea.” Union Gaming also noted that Lotte Tour Development, which last week said it was buying Paradise’s Jeju Lotte casino, is likely to transfer that license to its new IR under development once it has been completed. The Jeju Dream Tower is scheduled to open next year and will be the island’s second integrated resort. Union Gaming doesn’t expect the extra competition to have any impact on Macau, but says it may affect the existing foreigner-only casinos in South Korea. Jeju has eight operating casinos, including Landing International’s Jeju Shinhwa IR.

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