More Investors Eye South Korea Gambling Market

As already reported, South Korea is becoming more and more appealing to investors willing to establish integrated casino resorts on the territory of the country. It seems like the area located in a close proximity to Seoul is regarded as suitable and the number of investors interested in obtaining a license and establishing luxurious casino properties on South Korean soil is growing.

The Jeju Island is getting more popular and has all chances of becoming an attractive gambling destination visited by thousands of players annually. Namely casinos that are to be located at the Jeju Island are likely to become a tough competitor to the other Asian countries that have entered the battle for leadership on the gambling market. They are expected to lure players from the Philippines and the City of Dreams, in particular.

Although South Korean residents are prohibited from participating in gambling activities, market analysts predict that regardless of the prohibition integrated resorts will generate decent revenue.

Back in January, South Korean officials gave the green light to the establishment of two integrated casino resorts. However, companies willing to build the above-mentioned properties had to meet particular criteria, one of which was making an investment of at least KW1 trillion.

The new properties are likely to be situated in the Incheon Special Economic Zone. For the time being, South Korean residents are legally allowed to roll the dice in one casino, which is situated at the Kangwon Land. Although the location is not too convenient, the revenue generated is really stable.

The country successfully attracts Chinese players and apart from diversifying the casino industry, the tourism sector is also boosted.

Officials of South Korea have already granted a license to Paradise which is to work in collaboration with Sega Sammy on the establishment of a super luxurious integrated resort in Incheon.

Meanwhile, several new investors expressed keen interest in completing a casino project in the area. Cheng Yu-tung, a prominent investor who has been working with Stanley Ho for quite some time, submitted a letter in which he revealed his intentions to establish an integrated casino resort via Chow Tai Fook Enterprises.

The other company willing to become available on the South Korean gambling scene is Bloomberry Resorts, which is a leader on the Asian gambling market. Bloomberry is expected to build a beach resort that meets the world standards of luxury and diversity of gambling facilities.

Representatives of Grand Korea Leisure have recently announced that they are also willing to build a casino resort in Incheon. Grand Korea Leisure is in charge of three casinos united under the brand of Seven Luck. However, people familiar with the matter warned that the company should be prepared to deal with major setbacks during the process of applying for a casino license.

As already mentioned, South Korean casinos are quite attractive to both Japanese and Chinese residents and has the potential to become a serious competitor of the Philippines. In order this goal to be achieved, analysts recommend the gambling sector to be further expanded as soon as possible.

According to them, the country should have at least three integrated resorts. As for the targeted players, they are believed to be mainly Chinese but it does not mean residents of other Asian countries will not be lured.