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While casinos across the region suffer from Beijing's crackdown on graft and ostentatious spending, Kangwon Land Co Ltd is cashing in on its monopoly on best casino in seoul patrons, bypassing the Chinese junket operators and big spending VIPs that its rivals rely on.
Kangwon Land is the top performing casino stock in Asia over the past year, having surged 21 percent.
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With 200 tables and 1,360 slots packed tightly into an area slightly smaller than two football fields, the casino and ski resort raked in 1.
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By comparison, revenues at South Korean foreigner-only casino operators Paradise Co Ltd and Grand Best casino in seoul Leisure GKL fell 9 percent and 6.
Revenues at those two companies were hit by a halt in marketing to Chinese VIPs after mainland authorities detained 13 people working for them in 2015.
At Paradise's three casinos, Chinese VIPs made up 55 percent of betting last year.
ADVERTISEMENT COMPETITION - FOR SOME Competition is poised to intensify for casinos courting Chinese visitors.
A consortium of U.
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But state-run Kangwon Click here monopoly on local players is due to hold until 2025 under a political concession made to the economically depressed former mining area.
Analysts and industry insiders do not expect socially conservative South Korea to change its policy anytime soon.
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Cambodia's Nagacorp Ltd has also seen earnings surge thanks to demand from Vietnam and wealthy southeast Asian customers.
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