S. Korea foreigner-only casino helps with marketing push: broker
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The recent overseas marketing campaign of foreign-only casinos based in Korea is likely to support the recovery of profits for those businesses. It follows a memo from Shinhan Investment Corp., a Seoul-based brokerage.
"We believe that overseas marketing campaigns will help further improve the profits of foreign-only casinos going forward," wrote analyst Ji In-hae in a report published Wednesday.
She added: "Kangwon Land [casino], which is open to locals, is likely to see an uptick in daily sales after side betting restrictions and visitor caps were abolished on May 16."
Ji said foreign-only casino operators Paradise and Grand Korea Leisure have been "dispatched marketers overseas since late April and early May as part of their efforts to attract existing customers and new visitors" to their respective companies' accommodations. This was possible as South Korea is moving toward normalizing international flights and complete elimination of social distancing rules related to COVID-19.
Unvaccinated people who have visited Korea will also be exempted from quarantine if they are tested "negative" for COVID-19 twice within three days of entering the country.
All but one of Korea's 17 casino venues are open only to foreign players. In 2021, when inbound travel restrictions for foreigners were stricter, the 13% year-on-year increase in casino gaming revenue was led by Kangwon Land, the only real estate open to locals.
Ji said the overseas marketing efforts "started to push for gradual improvement" in operating foreigner-only casinos. "From the second half of the year, we expect the influx of Japanese visitors, the main customer base of foreigner-only casinos, to recover faster," she added.
The analyst said both Paradise and Grand Korea Leisure reported "significant improvements in their monthly revenues for May." The two companies reported a decrease in total sales of 293.1 billion won ($231.07 million) in May, up 19 percent from a year earlier.
"Key indicators (increasing number of visitors, table reduction, recovery of retention rate, and sales increase) are also continuously improving," Ji said. "Grand Korea Leisure has led to sales growth, with a noticeable increase in VIP and mass visitors from previous levels of stagnation, leading to a decrease in tables and a steady increase in retention."
Despite "expectations for a quick recovery and resumption of dividend payments," however, local casino operators' stocks "have yet to see their market cap recover to 2019 levels," Shinhan Investment analyst no
BY: 슬롯머신