S. Korea loses lustre as foreign investors withdraw

Results for South Korea’s gaming operators improved in 2016, although foreign operators appear to be losing patience, with major projects either stalled or abandoned. Market watchers say the initial euphoria faded fast when operators were faced with the reality on the ground, including high costs, difficulty in client acquisition, a bad image, changing regulation and no local gambling. Genting Singapore was the latest to file for the exits, finalizing the sale of its stake in an IR project on Jeju island to joint venture partner Landing International. The company said it was focusing its efforts on its business at home and also positioning for a possible bid for a casino license in Japan. The company sold its stake for S$596.3 million ($411.1 million), making a gain of about S$96.3 million, just two years after announcing the $2.2 billion project, which it said at the time would be a game changer. The fate of...

Intelligence Articles is a premium content section developed for AGB members only featuring in-depth articles on relevant items of interest across the multiple Asia Pacific Gaming jurisdictions. To continue reading, subscribe now.