Like many other countries, the South Korean Gambling industry took a hard economic hit due to the pandemic. However, Korean Foreigners-Only casinos are hoping that 2023 will be the year to recover despite a potential economic slowdown. Furthermore, gambling analysts believe that the Return of Chinese Gamblers will Help South Korean Casinos.
According to casino analysts, this positive Korean casino outlooks is in a reference to the end of China’s zero-Covid policy. In addition, it is also in part due to the relaxation of international travel restrictions which will bring more tourists.
This is especially good news to the Korean Casino industry as they need extra income to sustain their recovery. Despite showing sign of recovery in the first quarter of the year, Korean foreigners-only casinos continue to worry. This is mostly due to the Korean economy’s stagnating growth and barely avoiding a recession in the first quarter.
Chinese Gamblers will Help South Korean Casinos Recover
According to gaming analysts, Korean casinos saw an increase in solid revenue for the first quarter of 2023. In fact, some casinos saw increase as high as 14.6% month-over-month and even up to 437.2% year-on-year-jump. For the Korean gambling industry, these were encouraging numbers but were not sure if they could sustain them.
However, brokerage company, NH Investment & Securities Co Ltd believes it is possible. Furthermore, they said that Chinese gamblers will sustain this growth and the demand rebound would be around mass customers.
Some have been questioning whether China’s crackdown on VIP gaming will affect the Korean gambling industry. In response, they said that Korean casinos are marketing more towards high-rollers. Furthermore, a potential recession in Korea would not affect the casino industry. This is because foreigners-only casino are for foreigners who want to gamble.
Gaming experts predicts that casinos like Paradise City integrated resort who invest in attracting mass market tourists will do well. Furthermore, ETG (fully automated electronic table games) use recently got the approval of the Ministry of Culture, Sports and Tourism. Thus, once casinos in Korea begin to use them, it will help to boost their long-term profits.
Many gambling experts believe that South Korean casinos need to adopt an online casino policy to increase their revenue. This is because having online casinos in South Korea would increase the flow of foreign capital into the Korean economy.
Play Online Casino Games for Real Money with the VOBET Casino and Sportsbook