Korea’s foreigner-only casinos saw turnover fall 5.4% to KRW1.2 trillion (US$1.1 billion) in 2017 according to figures released this week by the National Gambling Control Commission (NGCC).
The fall in casino gaming activity was linked to a similar 6.2% decline in casino visitation to 2.2 million across the country’s 16 foreigner-only properties. Korea’s casino operators have struggled through the past 12 months after China implemented a blanket ban on tour groups to Korea in March 2017 amid diplomatic tensions over Korea’s decision to install the US THAAD anti-missile system.
The nation’s largest foreigner-only casino operator Paradise Co – which launched Korea’s first integrated resort, Paradise City, in April 2017 – saw its group-wide revenue fall 8.6% in 2017 to KRW551.9 billion (US$516.5 million), down from KRW603.8 billion (US$565 million) in 2016.
Likewise, 2017 revenue for state-owned Grand Korea Leisure fell 8.6% to KRW501.3 billion in 2017 with net profit falling 29.6% year-on-year.