Casino-related stocks fell across the board on the morning of the 17th after President Lee Jae-myung criticized the policy of granting private licenses for foreigners-only casinos.
As of 9:12 a.m. that day, Paradise was trading on the main board at 16,100 won, down 1,380 won (7.89%) from the previous session. Lotte Tour Development, also grouped as a casino stock, was likewise weak.
Earlier, after the president publicly pointed out the practice of granting licenses to certain individuals even though the casino business generates significant revenue, investor sentiment toward the casino sector appeared to deteriorate.
On the 16th, during the presidential briefing by the Ministry of Culture, Sports and Tourism, the president said of foreigners-only casinos, "Isn't it ultimately a gambling den?" and noted, "Casinos generate significant profits, so it is not appropriate to grant licenses to the private sector. MCST should keep this in mind when making policy decisions later."