Inside Asian Gaming

INSIDE ASIAN GAMING FEB 2019 24 COVER STORY C M Y CM MY CY CMY K MC: Your figures show more business from Japan. PYP: Yes. Before 2010, the Japan market was the biggest in Korea. Starting 2010-2011, [Japan and China] are half- half. After that, maybe 2015 or 2016, the China market has more than doubled Japan. But now, I think the Japanese economy has recovered. Also, Paradise City is a joint venture with [Japan’s] Sega Sammy. We own 55%, Sega Sammy owns 45%. Sega Sammy also is a gaming business, but not a casino business, but it’s very similar. They are very good at marketing and [have] market power there. They have helped a lot, so there’s good synergy. Also, Sega Sammy is trying to open a casino in Japan. MC: Is Paradise considering a joint venture with Sega Sammy in Japan? PYP: Yes. It’s not a commitment, but it’s some of kind of sentiment. But it’s not confirmed. MC: How will Japan IRs impact casinos in Korea? PYP: Some people think Japanese high rollers may not come to Korea. But Japanese high rollers may be very cautious about their playing. I think Japanese high rollers won’t go to their local casino. Our VIP clients in Japan will still come to Korea. MC: Do you expect open casinos [where Koreans can play] after 2025 when Kangwon Land’s exclusivity expires? PYP: It depends on Kangwon Land’s situation. Also it depends on Japan. When Japan opens casinos, the focus will move to Japan. Korean high rollers [may] go to Japan, and the Korean government [may be] very angry. MC: If there are open casinos, is Paradise ready? PYP: I cannot say. If I say ready, people think we are [lobbying] for it. I’m Korean Casino Association chairman, so I represent all the casinos. So I’m very neutral. MC: Would open casinos be good for the industry? PYP: Yes, definitely it would be good for the industry, but I’m not sure if it would be good for the country. Paradise City aims to mix art with entertainment