South Korean casinos’ revenue falls 5pct

Turnover dropped 5.37 per cent in 2017 to US$1.09 billion as the 16 foreigner-only casinos registered 6.22 per cent fewer visitors.

South Korea.- Foreigner-only casinos in South Korea saw a 5.37 per cent drop in revenue in 2017 to US$1.09 billion. The 16 venues in the country registered nearly 22 million visitors last year according to the National Gambling Control Commission, a 6.22 per cent slump from 2016.

The regulator reported that casinos contributed 5.56 per cent of all gaming turnover in South Korea last year, which was about US$19.56 billion. However, turnover for the segment is undergoing a mixed trend after rising 2.6 per cent from 2015 to 2016 (US$1.15 billion) and falling 9.7 per cent in 2015.

Meanwhile, the Kangwon Land Inc casino, which allows local players, contributed 7.01 per cent to gaming turnover. Its own income fell 6.43 per cent to US$1.36 billion, while visitors amounted to 3.12 million, a 1.7 per cent drop from last year.

Still, the most recent financial updates show that the casino industry is doing better, as Grand Korea Leisure Co Ltd reported casino sales of nearly US$36.5 million for May, an increase of 16.7 per cent from last year. Paradise Co Ltd, another operator, saw a 25.2 per cent year-on-year increase last mon, telling the Korea Exchange its casino revenue for May was about US$46.78 million compared to about US$37.37 million in the same month last year.