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At a time when casino operators around Asia are either starting to see their fortunes rise or preparing for better days ahead as vaccines begin rolling out across the globe, there is reason for ongoing concern in South Korea. The East Asian nation is home to 17 casinos – eight in Jeju and nine on the mainland – and of those only one, Kangwon Land in remote Gangwon Province, permits locals to gamble. The remaining 16 – of which Paradise Co and Grand Korea Leisure dominate the market – are foreigner-only operations and, as such, at the mercy of international tourism and regional consumer sentiment. Naturally, these 16 casinos have been devastated by COVID-19 and the closure of international borders, with Paradise reporting in late February a loss of almost US$100 million for FY2020. But there were worrying signs even before COVID-19 hit. Paradise, operator of three casinos in Seoul
February 26, 2021
The boss for American casino operator Caesars Entertainment Incorporated has reportedly expressed optimism regarding the coming year due to his firm’s Las Vegas Strip properties recently posting a dramatic rise in hotel bookings.
According to a report from CDC Gaming Reports, Tom Reeg (pictured) serves as Chief Executive Officer for the Nevada company and he used a Thursday conference call with investors to detail that nine of its most recent top-ten booking days had happened in February. The executive moreover purportedly explained that this had represented the most activity his company’s properties in ‘The Silver State’ had seen since re-opening for business in June following the 78-day coronavirus-related shutdown.