Two faces of casinos

The casino here is only for Koreans or foreigners. But even though people go there with the same hope of making a big hit, this exclusive approach is now making a big difference. Kangwon Land, the only local casino complex accessible to Koreans, has always been linked to negative images of corruption, bankruptcy, family breakdown and gambling addiction. And it has come under strict government regulations, public scrutiny and media criticism.

However, foreign-only casinos attract completely different responses. They are considered tourist attractions and new sources of access. 카지노사이트

Kangwon Land saw its sales decline last year for the first time since its establishment in 2000. The casino was established to help miners who had difficulty importing due to the closure of the mine. Last year, sales fell 3.7% from the previous year to 1.26 trillion won due to a decrease in VIP customers.

“For the first time last year, sales fell,” an official from Kangwon Land said. It is believed that the number of VIP guests visiting the casino has decreased due to negative reports and stricter regulations. After the news that some high-ranking officials visited the casino, many people are reluctant to go because they are afraid that their visit will be made public, she said.

Kangwon Land also had a hard time due to various scandals.

The most recent ones were employees who allegedly fixed the card game, which led to a police investigation and forced the facility to close for the first time for a day. On the other hand, eight foreign-only casinos run by Grand Leisure Korea and Paradise Group are making great profits as the number of visitors increases every year. Most importantly, they are free from ethical corruption.

GKL, which is 51 percent owned by the Korea Tourism Organization, currently operates seven-luck casinos in three locations: Millennium Seoul Hilton in central Seoul, Hilton in southern Seoul and Busan. “Basically, people have different views on us and Kangwon Land,” a GKL official said. They have a more positive image of us like exporters.” Currently, thanks to the “Korean Wave,” or Korean Wave, the number of foreign tourists from China and Japan is increasing. And they have emerged as big contributors to the foreigner-only casino.

A Millennium Seoul Hilton official also said that casinos have a positive impact on hotel sales as guests also stay at hotels and use facilities. “Obviously, casinos benefit us and serve as a hotel charm,” the official said.

Paradise Group currently operates five casinos, one each at Sheraton Grande Walker hill Hotel in eastern Seoul, Hyatt Regency Hotel near Incheon International Airport, Paradise Hotel in Busan, Jeju Grand Hotel and Lotte Hotel Jeju. It also operates casinos in Kenya. Market officials expect foreign-only casinos to grow 9.4 percent annually as their combined sales, which recorded $830 million last year, surged 10.8 percent annually.

Such an analysis has already been reflected in casino operators’ stock prices.

Shares of Kangwon Land closed 2.06 percent higher at 24,750 won on Friday, but fell slightly. The stock has stumbled over the past few months after hitting a high of 28,500 won on Feb. 7.

GKL shares, meanwhile, fell 1.3 percent to close at 18,500 won on Friday, but may remain stable as the stock price has turned upward since its low of 18,500 won on Feb. 9.

Experts said that GKL and Kang won Land have different prospects because their target customers are different. Han Seung-ho, an analyst at Shin young Securities, said, “With Gangwon Land already peaking, GKL is expected to attract more customers due to the increase in inbound tourists.”

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