G3-247 Report SOUTH KOREA
SOUTH KOREA’S CASINO GAMING REVENUES CASINO
OPENED
Paradise Group Walker Hill Jeju Grand Incheon Busan
Jeju Lotte GKL
7 Luck Coex 7 Luck Hilton 7 Luck Busan
Others Majestar
Ramada Plaza Royal Palace Lvegas Hyatt
Golden Beach Alpensia
Inter-Burgo
Kangwon-Land TOTAL
1991 1975 1990 1990 1990 1995 1980 1979
2000
2005 2005 2005
SALES
1968 1990 1967 1979 1985
₩695bn ₩425bn ₩56bn ₩88bn ₩75bn ₩50bn
₩546bn ₩285bn ₩183bn ₩79bn
₩133bn ₩31bn ₩21bn ₩13bn ₩13bn ₩16bn ₩21bn ₩1bn
₩15bn
₩1,279bn ₩2.7tr
Pyeongchang. Other strategies include creating self sus- taining power for the resort and maintain tighter man- agement of the resort to prevent waste of resources.
There are also plans to create new ventures such as a water park, theme park, shopping and exhibitions and improve living conditions and infrastructure in the area. It has allocated ₩550bn to boost tourism and spur the industrial development by installing entertainment and leisure facilities in surrounding towns.
The number of visits to the casino is limited to one day per month for villagers and 20 days for other guests to
bribery scandals a few years ago and this type of slur sticks. The casino generates around 95 per cent of total revenues and sales have increased from ₩1.27tr in 2012 from ₩91bn back in 2001. Sales in 2013 were ₩1.29tr with a contribution of ₩467.3m to local government.
There are now plans to extend Kangwon Land. Other casino operators are calling for a relaxation in the law to permit domestic players plus foreign investment, whilst Kangwon Land say any shift in policy would wreak havoc on their operations and the regions economy.
Now in a bid to shake off heavy reliance on the casino and help the local economy Kangwon Land is now aim- ing to introduce a long term growth framework for the resort and the four mining towns – Jeongsun, Taebaek, Donghae and Samcheok.
Under its 2020 vision the company aims to increase vis- itors to 10 million annually. This will be fuelled by the 2018 Winter Olympics to take place in nearby
Casino operators are calling for a relaxation in the law to permit domestic players plus foreign investment, whilst Kangwon Land say any shift in policy would wreak havoc on their operations and the region’s economy.
alleviate public and political concerns. Kangwon Land also runs a gambling addiction centre.
Around 65 per cent of the 4,800 employees are from areas in Gangwon province where mines have closed down.
SIZE No. OF TABLES No. OF SLOTS
3,178 sq.m 1,314 sq.m 1,312 sq.m 1,321 sq.m 1,205 sq.m
5,380 sq.m 2,812 sq.m 2,234 sq.m
3,089 sq.m 2,359 sq.m 1,353 sq.m 1,026 sq.m 803 sq.m 824 sq.m 689 sq.m 3,473 sq.m
12,793 sq.m
217 90 27 36 37 27
173 71
55 47
252 43 39 18 27 19 26 17
63
200 842
307 147 36 32 54 38
371 121 160 90
197 20 22 15 16 10 24 40 50
1,360 2,235
NEW DEVELOPMENTS Although Japan, Taiwan and even Vietnam are all poised
to legalise casinos until then Macau and Singapore and even South Korea lead the way.
Although gambling is seen a vice in South Korea the government on the other hand likes the boost it brings to the economy and the increase in employment and tax revenues.
The progressive ease of visa requirements for Chinese visitors has contributed to annual average revenue growth for the casino sector during the last fives years by around 7.5 per cent to more than $2.5bn in 2013. It is thought this could rise by 11 per cent over the next three years. Shares in Paradise Casino have also risen by 11 times their level in 2010.
Although South Korea cannot rival Macau’s revenues it is however much closer to Beijing and other big eastern cities plus Chinese customers receive VIP treatment including free flights and chauffeur driven cars if they pledge certain bets.
South Korea’s aim is to now draw in 10 million Chinese visitors by 2020 compared to 4.3 million last year. Chinese visitors make up 36 per cent of foreign visitors in 2013 and accounted for 41 per cent of visits to the country’s casinos in 2012.
The province of Jeju is one of the nine provinces in South Korea and since 2006 has been a special autonomous province of South Korea. The province is the largest island in the nation and lies in the Korea Strait.
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