Casinos hard-hit by MERS
The South Korean gambling industry has contributed some 62.5 trillion won (US$54.56 billion) to the country’s economy in the past 15 years, according to a report by the Yonhap news agency.
The Korea Taxpayers Association analyzed records from the National Gambling Control Commission and found that the government collected approximately 31.55 trillion won in taxes and made 30.95 trillion won in profit from 2000 through 2015.
Horseracing was the big winner, bringing in 37.5 percent of the revenues, reported the Asia Gaming Brief. It was followed by the lottery, which kicked in 25.4 percent, and casinos, which contributed 12.3 percent, the data indicated.
The government directly manages casinos, horseracing, track cycling, boat racing, the lottery, sports betting and bullfighting, AGB reported.
Locals are permitted to gamble in just one of South Korea’s casinos, Kangwon Land in remote Kangwon Province. The other casinos, open to foreigners only, were hard hit in 2015 by an outbreak of Middle Eastern Respiratory Syndrome. The crackdown on marketing to tourists in Mainland China also caused a drop in tourism.
The country’s first integrated resort, Paradise City, is scheduled to open later this month near Incheon international airport. The property is a joint venture between Paradise Co. and Tokyo-based pachinko operator Sega Sammy Holdings Inc.
