South Korea-listed Grand Korea Leisure has axed plans to develop a casino on Yeongjong island in South Korea over concerns surrounding China’s VIP market.
The concerns come as both Macau VIP revenues continue to decline in the double digits and as the Chinese government has cracked down on international marketing for Chinese gamblers in the country.
Last month, 13 employees from Grand Korea and Paradise Co were allegedly arrested in China for trying to lure gamblers to their South Korean casinos.
Grand Korea’s attempts to secure a consortium to develop the project also fell through, leading to the decision to end its bid, the company said.
South Korea plans to hand out two licences for Yeongjong, the gateway island to Seoul. The deadline to apply for a licence is the end of this month.
