201507 - page 10

inside
asiangaming
JUly2015
10
C
ontenders keep lining up to develop integrated
resortsevenas the foreigners-only casinomarket shows
signs of stress and questions persist about whether
the business model makes sense. South Korea’s
government has said it will offer two gaming licenses
for foreigners-only casinos to developers investing at least 1 trillion
won ($891million) in resort projects. With 420million people from
Asia’s twobiggest economieswithina threehourflight, including the
northern Chinamarket that’s closer to South Korea than toMacau,
investors are intrigued and their doubts quieted.
Feature
In Focus
Competitionheatsupat deadline
asnewcontendersemerge
forgaming licensesdespite
foreigners-only casinomodel
By
MuhammadCohen
South Korea had 6.1 million visitors from China last year, 43%
of total arrivals of 14.2million. StandardChartered Bank forecasts a
15% compound annual growth rate for Chinese arrivals over thenext
two years, toward a total of 10million by 2020. For Chinese, South
Korea isn’t just closebut aspirational. There’s
hallyu
theKoreanwave
of pop culture that has captivatedmuch of Asia, symptomatic of a
highly developed consumer society. From cosmetics to cosmetic
surgery to mobile computing power, South Korea beats what’s
available inChina.
Investors are betting that Chinese visitors will keep coming
IRFeverRising
inSouthKorea
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