Inside Asian Gaming

inside asian gaming JUly 2015 10 C ontenders keep lining up to develop integrated resorts even as the foreigners-only casino market shows signs of stress and questions persist about whether the business model makes sense. South Korea’s government has said it will offer two gaming licenses for foreigners-only casinos to developers investing at least 1 trillion won ($891 million) in resort projects. With 420 million people from Asia’s two biggest economies within a three hour flight, including the northern China market that’s closer to South Korea than to Macau, investors are intrigued and their doubts quieted. Feature In Focus Competition heats up at deadline as new contenders emerge for gaming licenses despite foreigners-only casino model By Muhammad Cohen South Korea had 6.1 million visitors from China last year, 43% of total arrivals of 14.2 million. Standard Chartered Bank forecasts a 15% compound annual growth rate for Chinese arrivals over the next two years, toward a total of 10 million by 2020. For Chinese, South Korea isn’t just close but aspirational. There’s hallyu the Korean wave of pop culture that has captivated much of Asia, symptomatic of a highly developed consumer society. From cosmetics to cosmetic surgery to mobile computing power, South Korea beats what’s available in China. Investors are betting that Chinese visitors will keep coming IR Fever Rising in South Korea