The average betting price per person at Kangwon Land (pictured), the only casino resort in South Korea permitted to cater for locals, was 61.1 percent higher than the average betting price per person across the 16 foreigner-only casinos in that country during 2021.
At Kangwon Land, it was the equivalent of US$91.80. Across the foreigner-only venues, it was US$57.00. The information was given in a data update by South Korea’s National Gambling Control Commission.
During that year, inbound tourism to South Korea had been largely paused, due to the Covid-19 pandemic. Kangwon Land – despite having periods of suspension and a reduction in user capacity – had a relatively easier trading environment, supported by local demand.
The Commission’s update also showed that Kangwon Land, controlled by Kangwon Land Inc, generated 352.3 percent more in taxes in 2021 than the entire foreigner-only sector.
The actual tax amount in cash terms was KRW106.3 billion (US$81.9 million) from Kangwon Land, versus KRW23.5 billion from the foreigner-only casinos.
Kangwon Land’s tax contribution rate was 13.7 percent in terms of gross gambling yield (GGY). The complex generated gambling revenue of KRW775.0 billion in 2021, according to Ministry of Culture, Sports and Tourism data released in May.
The foreigner-only sector’s combined tax contribution rate in terms of GGY was 5.8 percent in 2021. The country’s foreigner-only casino operators generated KRW405.0 billion in gambling revenue last year.
Gross gambling yield is typically calculated by adding the stake money paid by players during a given period, with any other money exclusive of sales tax, that would accrue to the gaming licensee in connection with its permit, and then subtracting the total amount paid as prizes or other winnings by the gaming licence holder.
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