Locals casino made out best
South Korea’s gaming industry grew for the ninth year in a row in 2014, with total sales of more than US$17.64 billion, according to official data. But overall growth was just 1 percent over the previous year. For example, 2011’s year-on-year sales growth reached 5 percent, and in 2012, the numbers rose 6.5 percent.
The downward trend started in 2013, which saw a year-on-year increase of just 0.6 percent.
According to GGRAsia,the biggest winner was the sole South Korean casino that admits locals. Kangwon Land saw its revenues rise 10 percent over 2013 to KRW1.4 trillion (US$1.2 billion). Revenue at foreigners-only casinos increased a relatively paltry 0.3 percent to KRW1.36 trillion.
Locals are banned from entering 16 of South Korea’s existing 17 casinos. Earlier this year, Melco Crown Co-Chairman and CEO Lawrence Ho said his company would not bid on a gaming license in South Korea until the country allows locals to gamble at home.
“In our opinion, a foreigners-only gaming market is difficult. South Korea and its policy of not letting locals in, to us, is difficult,” he said. “But one day, if the government changes its policy about locals, we would jump in head first.”
