A Very Good Year in S. Korea

Sat, Jul 2, 2016

Gaming taxes from casinos in South Korea rose 4 percent in 2015, a rare bright spot in the struggling Asian gaming sector. Region-wide, the trend has been down.

Sales up 3.1 percent

South Korea saw a notable rise in tax revenues from its 17 casinos in 2015; the industry saw a surge of 12.1 percent year-on-year to 478.8 billion won (US$408.82 million), reported CalvinAyre.com. Even horse racing saw an increase of 1.6 percent.

The National Gambling Control Commission reported that sales grew 3.1 percent year-on-year to KRW 20.5 trillion (US$17.47 billion), according to the Korea Herald.

South Korea currently has 17 casinos, but Korean nationals can gamble at just one of them, Kangwon Land in Gangwon Province.

The country will add a new integrated resort in 2020. The U.S.-based Mohegan Tribal Gaming Authority is behind Inspire, to be constructed in Incheon near Seoul. It will include a large-scale foreigner-only casino and is set to begin operations by 2020

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