Inside Asian Gaming

inside asian gaming JUly 2015 16 KORE believes South Korea needs multi-billion dollar major league IRs to compete with Macau, Manila and what it sees as the likely legalization of casino gaming in Japan. In order to get that level of investment, the government would need what KORE calls an open casino policy that enables South Korea’s nearly 50 million citizens to play at all casinos on some basis. “Regardless of the number of IRs, the more important matter is how the government will handle the open casino issue, which will decide on the diversity of interests and involvements by major casino operators and investors from outside Asia,” Mr Lee says. Steve Wynn, for example, has said he’d build a resort in South Korea, but only if locals can play. Mr Lee adds, “We are confident that Korea will become more competitive in the international market should it choose to adopt the Singapore model with restricted local play,” likely combining an entry tax with restrictions on frequency of visits. A less radical change would be easing visa access for Chinese visitors. Jeju Island, a self-governing province off the republic’s southern coast, allows Chinese nationals 30 day visa-free access, but mainland South Korea requires Chinese to have visas for all but short Feature In Focus transit visits. The MERS outbreak has led to South Korea waiving visa fees for Chinese tour groups, allowing groups bound for Japan 15 day visa-free stays in South Korea and extending visa validity from three months to six months. That could set the stage for more changes. Prior to MERS, there was talk of a more liberal visa policy for Chinese nationals, such as 72 hour visa-free access or a visa waiver similar to Jeju’s. Caesars Entertainment President for International Development Steve Tight says he expects South Korea “will address the necessary regulations that are critical to the success in attracting key foreign gaming clients to Korea to support their objective of a thriving integrated resort industry.” NUMBERS GAME Mr Tight also expressed “full confidence that the Korean government will be thoughtful in its expansion of the foreigners-only IR industry in Korea.” In other words, that the authorities will issue an appropriate number of gaming licenses for the market, enough to produce critical mass for the destination but not so many that would challenge profitability. A less radical change would be easing visa access for Chinese visitors. Jeju Island, a self- governing province off the republic’s southern coast, allows Chinese nationals 30 day visa-free access, but mainland South Korea requires Chinese to have visas for all but short transit visits.