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Korea
Entertainment to be key draw for Mohegan’s Korea IR
Mohegan Sun is confident that its entertainment-centric business model will help it succeed in South Korea’s notoriously volatile foreigner-only casino market. The company won a license in 2016 to build an integrated resort in Incheon, next to the international airport and about 30 minutes from...
Casino at Jeju Dream Tower to open in May
Lotte Tour Development Co will complete the long-awaited relocation of casino operations to its recently opened integrated resort development, Jeju Dream Tower, in May after receiving final approval this week from the Jeju Provincial Government. The approval comes more than two months after Lotte...
Incheon gaming zone development faces delays
The planned gaming and entertainment zone in Incheon, South Korea, is facing delays on almost all fronts, mainly, but not entirely, due to the coronavirus pandemic. The original prospect was that the area around Incheon International Airport would become one of the premier playgrounds in East Asia,...
Kangwon Land’s license extended to 2045
The South Korean government is moving forward with a plan to extend state-backed casino resort Kangwon Land’s operating license for a further twenty years to 2045. The National Assembly’s Industry, Trade and Energy Small and Medium Venture Business Committee held a plenary meeting on the 23rd...
Kangwon Land opens; GKL remains closed
The two big state-run gambling firms, Kangwon Land and Grand Korea Leisure, have just taken divergent paths on the Covid-19 crisis. Kangwon Land reopened its doors at the beginning of this week with a capacity limit on the casino floor of 1,200 people. It’s latest closure had lasted two months...
GKL reports nearly US$80 million loss for full year 2020
Grand Korea Leisure has turned in its unaudited financial reports for the full year 2020, headlined by the fact that it had a consolidated operating loss of KRW88.8 billion (US$79.9 million) in the year of the coronavirus, a sharp reversal from the state-run company’s fortunes before the...
Jeju may call for casinos to upgrade community contributions
The eight casinos on Jeju island, South Korea, may soon be required to enhance their contributions to the local community as concerns have risen about their possible negative impacts on the region. On Monday, Representative Kim Hwang-Guk of the Jeju-do Council’s Culture, Tourism and Sports...
Paradise January sales reverse improving trend, drop 36.2%
Paradise Co. reported its casino sales in January declined 36.2 percent from the prior month, after seeing strong improvement in December. The company, which operates four foreigner-only casinos in South Korea, said total sales in the month were KRW27.28 billion (US$24.5 million), down from KRW42.7...most popular
Paradise Co. reported its casino sales in January declined 36.2 percent from the prior month, after seeing strong improvement in December. The company, which operates four foreigner-only casinos in South Korea, said total sales in the month were KRW27.28 billion (US$24.5 million), down from KRW42.7...
Projects
Feature
MoF reports on casino businesses’ financial losses
The first casino in Hoi An is about to open after 4 years of construction On June 28, Hoiana Phase 1 is ready to open its doors to customers to experience the first infrastructure. After 4 years of construction, the Hoiana complex project is expected to open to welcome the first guests at the...