G3-247 Report SOUTH KOREA
It was a government initiative to resuscitate coal mining towns in southern Gangwon Province. It falls under the Special Act on the Assistance to the Development of Abandoned Mine Areas in the northeast province Gangwon in Jeongseongun county.
Some 51 per cent of Kangwon Land Corporation is owned by four regional governments and its aim is to be a first class four season resort. At the moment it attracts around six million visitors per year. It is headed by CEO Choi Hung Jib.
This area has been developed into a huge tourist attrac- tion called High1 Resort deliberately situated several hours drive from the nearest city to put off locals from visiting.
The casino offers 1,360 slots and 200 tables. There is a Ski Resort with 18 ski slopes, Golf Course, three hotels and three condominiums plus bars and restaurants (including a revolving restaurant on the mountain top).
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There are hiking trails, cinema, spa and swimming pool ‘Mountain Spa’ outdoor hot spring. More than 10,000 Koreans visit the casino every day many waiting for hours to enter.
Tickets must be bought to enter and this fee then goes as taxes as Special Consumption Tax (₩3,500) Education Tax (₩1,050) and Surtax (₩450) which is required by the Special Consumption Tax Act. Permanent resident passport holders do not have to pay to enter. To enter players must be 20 years old or over.
Fourteen years after it was opened this mega project remains somewhat controversial. Although it is inun- dated with visitors, the spillage into the surrounding areas is hardly noticeable. Social biases against casinos and political pressure and negative media coverage have all combined to constrain the firm from really expanding.
Unfortunately the resort saw embezzlement and
01 South Korea was quite the trailblazer in terms of casino liberalisation. The first casino was opened in Incheon by the Paradise Casino in 1967 just three years after Stanley Ho’s monopoly began in Macau.
02 The second casino from this group was the Sheraton Walker Hill in Seoul in 1968. After this nothing much happened for the next 20 years until the 1990s saw six casinos open. Since then the market has blossomed with a total of 17 casinos now open. There are eight casinos in Jeju-do island, three in Seoul, three in Kyongju, two in Incheon and two in Busan whilst Jeongseongun, Pusan, Pyeong Chang gun and Sokch’o city each have one casino.
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