TLDR South Korea drew 12.8 million visitors in the first seven months of 2026, a record for that period. NH Investment & Securities expects mass-market casino gaming to benefit more than VIP play. Chinese VIP demand looks weak heading into China’s October National Day holiday. A proposed levy hike on casino revenue could raise Paradise Co’s Tourism Promotion Fund contribution rate. Kangwon Land plans to add tables and slot machines, with earnings growth expected from 2028.
South Korea’s casino sector is drawing new attention as tourist arrivals climb to record levels. Brokerage firm NH Investment & Securities says the gains will likely help mass-market gaming more than high-roller VIP play.
Analyst Lee Hwa-jeong reported that South Korea welcomed 12.8 million visitors during the first seven months of 2026. That marks the highest total for that period on record.
The brokerage expects full-year inbound visitor numbers to hit 23 million. Much of the growth has come from Chinese tourists, though arrivals from Japan and Western countries have also increased.
VIP Demand Faces Uncertainty
Foreigner-only casinos are expected to benefit from the tourism boost, especially in mass-market segments. NH Investment said VIP gaming may not see the same level of improvement.
The sector is now facing tougher year-over-year comparisons. Because of this, the brokerage recommended watching September and October figures closely.
Those months will show whether the rise in visitors leads to stronger mass-market spending. They should also reveal if VIP sentiment is recovering.
NH Investment flagged weaker sentiment among Chinese VIP players in Macau. This trend could limit any boost from China’s National Day holiday in October.
The report also mentioned an intervention by the Chinese embassy in Seoul in early August. The embassy raised concerns over South Korean media coverage that described Chinese nationals as a growth