South Korea’s foreigner-only casino sector continues to benefit from a strong rebound in international tourism, according to brokerage firm Shinhan Securities Co Ltd. The institution highlighted record performances in May at major casino resorts, including Paradise City in Incheon and Jeju Dream Tower on Jeju Island, as visitor numbers from overseas markets continued to rise.
Shinhan said the sector’s growth was supported by increasing inbound travel, improved air connectivity and favourable market conditions that have encouraged more foreign visitors to South Korea.
Paradise City reports record May performance
According to Shinhan Securities, Paradise City achieved all-time highs for both casino drop and revenue in May. The integrated resort is operated by Paradise Co Ltd and is located in Incheon, near South Korea’s main international airport.
Analyst Ji In-hae said the strong results were partly driven by the company’s acquisition of a nearby Hyatt Regency-branded hotel wing. The addition has helped expand accommodation capacity and improve services for visitors.
The brokerage noted that the enlarged hotel offering has contributed to longer visitor stays and increased use of room services. These factors, combined with rising inbound tourism, have supported casino performance.
Shinhan also pointed to potential future benefits from any expansion of South Korea’s visa-free entry programme for Chinese visitors. The brokerage said Paradise Co could also gain from further growth in international arrivals to Busan during the second half of 2026. The company operates a casino hotel in the southern port city.
Chinese and Japanese customer trends remain stable
The brokerage said concerns regarding Paradise Co’s exposure to Japanese customers have eased.
Market observers had questioned whether geopolitical tensions between China and Japan could affect customer activity at the company’s casinos. However, Shinhan reported that while Chinese VIP table drop had declined, growth in Chinese mass-market play and VIP business from other customer segments had offset the impact.
The data suggests that customer demand remains diversified across different visitor groups, helping support overall casino performance.
Jeju Dream Tower records highest monthly visits
Shinhan Securities also highlighted strong results at Jeju Dream Tower, operated by Lotte Tour Development Co Ltd.
The brokerage said the resort recorded more than 63,000 casino visits in May, marking the highest monthly figure since the property’s opening.
Jeju Dream Tower has positioned itself to serve Chinese visitors, a market that continues to show signs of recovery. Shinhan said Lotte Tour Development is closely aligned with the growth of Chinese inbound tourism and is beginning to see returns from earlier capital investments in the resort.
The institution noted that the company’s investment strategy is increasingly reflected in its operating performance as visitor numbers continue to rise.
Tourism recovery supported by air travel growth
Several broader tourism trends are also supporting South Korea’s casino sector.
Shinhan said the Korean won remains relatively weak, making travel to South Korea more attractive for international visitors. The brokerage also noted that Chinese outbound travel is receiving support from airlines that are increasing capacity on short-haul routes.
Further momentum may come from expanded aviation links between South Korea and China.
Last week, reports indicated that the two countries had agreed to increase weekly air traffic rights on a reciprocal basis. South Korean media described the agreement as the first major easing of aviation restrictions between the two markets since 2019.
The expansion of flight capacity is expected to improve travel convenience and support additional visitor growth, particularly from China, one of South Korea’s most important tourism source markets.
As international travel continues to recover across Asia, South Korea’s foreigner-only casino operators are seeing stronger visitor volumes, higher gaming activity and growing benefits from investments made during the industry’s post-pandemic recovery period.
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