South Korean GGR to grow in 2018
According to Union Gaming, GGR for South Korean foreigner-only casinos is expected to grow during 2018.
South Korea.- Brokerage Union Gaming revealed its projections for South Korea’s foreigner-only casinos and forecasted their gross gaming revenue (GGR) to grow in 2018. The company explained the industry will recover from a political conflict between the country’s government and its Chinese counterpart in 2017.
“As Paradise is the bellwether, we would expect the entire market is broadly in line with Paradise,” Union Gaming said. Paradise Co. revealed an 18 per cent gaming volumes increase in the first six months of this year. In addition, the brokerage highlighted Landing International’s performance after opening Jeju Shinhwa World last February 25th, which increased its net profit by 500 per cent.
Furthermore, Union Gaming explained that Lotte Tour Development is likely to transfer that licence to its new IR under development once it has been completed. The company has just announced it is buying Paradise’s Jeju Lotte casino and expects to have the Jeju Dream Tower completed and opening in 2019.
The brokerage explained that it doesn’t forecast the Macanese market to be impacted by the extra competition in Japan but it does expect the South Korean industry to be hurt by the recently approved market.
