Casinos in South Korea<\/a> have been allowed to delay the payment of some Tourism Promotion and Development Fund fees until June 2022 due to the difficulties the industry continues to face due to the Covid-19 pandemic. <\/p>\n\n\n\nA representative at the Ministry of Culture, Sports and Tourism, the agency responsible for collecting the fees from casino operators, said the grace period had been approved for “two casino entities” but didn\u2019t name them.\u00a0<\/p>\n\n\n\n
It\u2019s since emerged that the operators in question are\u00a0Paradise Co Ltd<\/strong> and\u00a0Grand Korea Leisure Co Ltd<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"Paradise Co has reported that gaming revenue declined 25.7 per cent year-on-year to KRW249.76bn (US$208.8m) in 2021.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Paradise Co reported a 25.7% year-on-year decline in 2021 gaming revenue to KRW249.76bn, primarily driven by a 27.1% decrease in table revenue, despite a strong 203.0% month-on-month recovery in December. Concurrently, the South Korean Ministry of Culture, Sports and Tourism granted a deferral on Tourism Promotion and Development Fund fees until June 2022 for Paradise Co and Grand Korea Leisure Co Ltd, acknowledging ongoing pandemic-related operational challenges.","focusai_entities":"Paradise Co, Grand Korea Leisure Co Ltd, Ministry of Culture, Sports and Tourism","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"December Recovery Sustainability?","query":"Given the significant year-on-year GGR decline but strong month-on-month recovery in December, what specific operational adjustments or market shifts contributed to this recent rebound, and is it sustainable?"},{"label":"Future Regulatory Support?","query":"Beyond the fee deferral, what further regulatory or governmental support mechanisms are anticipated for South Korean casino operators to mitigate ongoing pandemic-related revenue pressures and ensure market stability?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,1705],"class_list":["post-26013","post","type-post","status-publish","format-standard","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino","tag-paradise-co"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=26013"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26013\/revisions"}],"predecessor-version":[{"id":26026,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26013\/revisions\/26026"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}