Despite the sharp drop in sales in March, Paradise and 샌즈카지노 showed the stability of their VIP-based sales structure, with their overall earnings hit low in the first quarter.

Paradise's casino sales plunged 69 percent on-month and 60.5 percent on-year to 19.7 billion won in March, compared with a 3.8 percent on-year drop in the first quarter. Despite the spread of Corona 19, the company's sales in February increased 15.7 percent year-on-on-year.

GKL also saw its casino sales plunge 73.4 percent on-month to 11.7 billion won in March, but rose 1.8 percent on-year to 110.2 billion won in the first quarter.

Unlike most casinos for foreigners located in the city center, where most of them are accessible, Gangwon Land's performance after the end of the special law is unlikely to be guaranteed as it is not easy to compete with them to lead foreigners due to the regional characteristics of Kangwon Land, located in Jeongseon County, Gangwon Province.

The special law is a temporary law that is set to end in 2025. It has been extended twice in 2005 and 2015, respectively, for 10 years.

Moon Tae-gon, CEO of Kangwon Land, said in his New Year's address in 2020, "This year's performance is more important than ever before ahead of the end of the special law," but the Korona 19 incident has been prolonged, making it difficult to expect good results.

President Moon said at the 2020 Gangwon Land New Year's greeting ceremony held in January, "We have been smoothing our business over the past 20 years with the exclusive status of Korean-inhabited casinos," adding, "If the statute of limitations on supporting the development of abandoned mining areas ends in 2025, Gangwon Land will be on a path that has never been before."

An official from the casino industry said, "Casino operators have a lot of funds and taxes to pay for the development of the country and the local community," adding, "If the casino's poor performance prevents them from paying a lot of taxes, it will be a big blow to those who don't receive the taxes that they have taken for granted."

Casino companies, which suffered a severe blow to sales due to Corona 19 (COVID-19), are showing signs of rising stock prices. Analysts say that the market's expectations for after Corona 19 have grown, given that the casino centered on VIP sales is characterized by an inelastic decline in demand caused by Corona 19, and that major casino countries such as Macau continue to "shut down."

As of 1 p.m. on the 17th, Paradise (15,000 won rise - 700 -4.5 percent), a casino and complex resort company, is trading at 15,000 won, up 600 won (4.04 percent) from the previous day. GKL (14,800 won up 400 -2.6 percent) (Grand Korea Leisure), which runs the foreigner-only casino "Seven Luck," is also rising 200 won (1.3 percent) to 15,600 won from the previous day.

As Paradise and GKL operate casinos for foreigners, the blow from Corona 19 is bound to be huge. Farada amid the worldwide stock market's faltering Corona19Shares of Isse and GKL fell by half compared to this year's high point in just two months, compared to other industries.

However, the recent rebound is faster than other stocks. Paradise shares rose 57 percent from 9,790 won on April 23, the lowest point this year, and the GKL also rose about 45 percent during the same period. Although global restrictions on movement due to Corona 19 continue and casino sales have plummeted, stock prices have risen even further.

The securities industry believes that the strength of casinos lies in the VIP-oriented sales structure. In general, more than 80 percent of casino sales come from VIP customers, who are usually regular visitors to casinos regardless of the game. Currently, the move is limited due to an emergency situation caused by Corona 19, but it is a customer who will come back to the casino whenever the travel restriction is lifted.

The sharp drop in sales in March was largely attributed to the ban on Japanese visa-free entry and China's self-price measures on 14 days for Korean visitors. VIP sales were also hurt by tougher travel restrictions in Japan and China, major VIP customers.

Paradise's casino cassbet.com is temporarily closed from April 24 to May 20, and GKL has also announced its closure for the same period. Both companies are forced to lose tens of billions of won in sales due to casino closures.