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It aims to ease the process of granting foreigner-only licenses to overseas investors. The two associated government organizations, the MCST and the Ministry of Trade, Market and Energy, will operate with each other to get assembly approval. This first foreign-backed casino will be built in the cost-free economic zone on Yeongjongdo Island, in Incheon, and the initially phase is due to be completed by 2018. As with all casinos in Korea, it will be for non-Koreans only.
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IGT was a winner of Kangwon Land’s current slot tender, its initially in 3 years, on a joint bid with Novomatic, Konami and Aruze for a total of 230 new machines. This year’s first quarter appears to have stopped the downward slide, with gaming income off 1%, overall income flat and operating earnings down 1%. JP Morgan analysts Kim and Christopher Tang point out that removing a one-off Olympic promotion expense from 1Q18 shifts operating profits down 13%. But that’s still an improvement more than the prior quarter and complete year, so they’re fairly upbeat.
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