Newly-opened casino at Inspire expected to adversely affect existing operators
By Anna J. Park
A slow recovery in the number of Chinese tourists heading to Korea is contributing to a lackluster performance of domestic casino-related stocks, according to industry analysts Sunday.
Major companies that operate casino businesses, including Paradise, GKL and Lotte Tour, each plunged by 24 percent, 29 percent and 38 percent, as of Friday’s closing prices compared to six months ago, according to the Korea Exchange.
The three stocks each soared and remained high until September last year, following the Chinese government’s decision to lift its ban on group tours to Korea in the middle of August last year.
However, contrary to the local tourism industry’s hopes for a quick fix, the recovery rate of Chinese tourists visiting Korea slowed down in the fourth quarter of last year.
The number of Chinese tourist arrivals at Incheon International Airport in the first quarter of last year was 12.5…
