Demand for casinos, which had greatly contracted due to Corona 19, is showing signs of recovery. As Japanese and Southeast Asian tourists continue to visit, the sales structure, which used to be centered on Chinese tourists, is also changing.
According to the industry on the 25th, Paradise, the largest foreigner-only casino company in Korea, posted 70.138 billion won in casino sales last month, up 313.3% from the same period last year. Sales last month are more than 61.08 billion won in the same month (May) of 2019, before the outbreak of Corona 19.
This sales was largely influenced by Japan's Golden Week (April 29-May 7). catop.net Analysts say that sales and drop amount surged as Japanese visitors to Korea flowed into the business sites in Seoul and Incheon.
Among the business sites, sales growth in the metropolitan area, such as Seoul and Incheon, was remarkable. It recorded KRW 35.8 billion and KRW 28.4 billion, up 429.2% and 248.8%, respectively.
Paradise's Japanese VIP visits are about 90% compared to before Corona (May 2019). The rest of the region (excluding China and Japan) led the growth trend by doubling compared to the previous year.
Amid this growth trend, Paradise recently received an upward rating from website a credit rating agency. As COVID-19 turned into an endemic (an infectious disease that hardened as an endemic disease), it was recognized that the business environment was rapidly normalizing, and the outlook for non-guaranteed bonds was raised from 'stable' to 'positive'. Credit ratings are likely to improve in the future.
Han Shinpyeong said, "The demand for casinos, which had significantly shrunk due to Corona 19 since 2020, is showing signs of recovery thanks to the Corona 19 vaccination in 2021 and the relaxation of quarantine policies and immigration-related regulations last year." The trend toward normalization of the business environment is accelerating,” he said.