South Korean Tourists Key To Future Success For Chinese Casinos
Chinese analysts have predicted that South Korean tourists could play a huge role in reviving the Asian gambling industry after a turbulent economic year. Due to the global pandemic, many sectors relating to the gambling industry have suffered tremendously after global lockdowns became the norm. Many businesses were forced to close, and many others teetered on the edge between survival and bust. Market research has indicated that foreign tourism could be the resurgence it needs to recoup the losses over the last year. It will certainly be an unpredictable period for betting firms across the world.
South Koreans vacating in China and Japan could be the boost the casino industry needed to survive after a turbulent economic period. Due to governments changing COVID restrictions, South Koreans can fly to all Asian countries unrestricted. Changes like these are essential for the survival of the tourism sector as it is majorly under threat. ©viarami/Pixabay
South Korean tourists have become the new target market for casinos all over Asia, and their business alone could help save casinos and gambling halls struggling financially. Asia has one of the biggest tourism markets in the world; millions of people visit every year, with China and Japan being the two most popular destinations. However, in the case of the casino industry, businesses in mainland Asia are desperate for new customers from abroad to fill the void left by the pandemics forced closures.
Economic researchers have highlighted the potential of tourism and its ability to revive dying industries and place them back into the spotlight. For example, Las Vegas is one of the most popular gambling holiday destinations globally, and roughly 18% of the state’s capital comes from gambling taxes. Tourists are essential to the continued cycle of destinations such as Las Vegas, and without them, they will struggle to survive. This year alone, Nevada’s biggest city saw a major decrease in foreign investment and levels of tourism, since restrictions were lifted, the city is booming once again.
An essential aspect of casinos and gambling halls is the rollover of consumers. Similar to turnover, they rely on punters visiting all year round and peak times such as the summer and religious holidays aren’t as important to the gambling industry. Big rollers from America and China also make up a large percentage of casino profits. They often spend millions within a very short time frame, many of whom return on a monthly basis. South Korean tourists are now being highlighted as a key component in the revival of China’s turbulent casino sector.
A panel held at the MGS Summit last week revealed some key information on the future of the gambling sector. The Business Recovery of Macau Gaming plea was designed to bring together industry leaders and discuss how to resolve the forthcoming issues. Macau is in a particularly bad spot as the Chinese government has imposed harsher restrictions on the Las Vegas of Asia. Statistics and market research revealed that South Korean tourists could play a major part in reviving the casino sectors in Japan and many other Asian countries.
The potential revival of the casino industry
There are many other factors to consider when discussing the potential revival of the casino industry. The first is the increase in online gambling across the world. Due to global lockdowns forcing gambling halls to close, many punters turned to an online alternative and betting apps such as Bet365 and Paddy Power have exploded in popularity since the beginning of the pandemic. This directly threatens casinos and land-based establishments as they are losing customers to mobile phones and laptops, and users are reluctant to readapt back to casinos due to worries about COVID.
Many Asian countries are providing incentives for South Koreans to travel to the country and spend money; Singapore and Vietnam have offered reduced accommodation fees as well as many other perks to encourage residents to visit. Vietnam, in particular, has struggled with many issues relating to fraud and cybercrime. For example, the Vietnamese Betting Association reported an increase in gambling-related abductions, much to the horror of regular casino visitors and locals. The problem has become so bad that police are frequently stationed outside gambling halls to prevent physical assault.
