S.Korea 2022 casino revenue up 64pct to US$1.47bln

May 05, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Gambling revenue in South Korea’s casino market for full-year 2022 improved by 64.2 percent, to circa KRW1.94 trillion (US$1.47 billion), from KRW1.18 trillion in 2021, according to data from the Ministry of Culture, Sports and Tourism.

The tally combines the performance of the country’s 16 foreigner-only casinos, and Kangwon Land, the only property able to accept bets by locals.

The foreigner-only venues saw a 76.4 percent surge in gambling revenue, to KRW714.5 billion, from KRW405.0 billion, according to the statistics released on Wednesday via the ministry’s website.

Kangwon Land resort, operated by Kangwon Land Inc, saw revenue increase by 57.9 percent, to circa KRW1.22 trillion, from KRW775.0 billion.

The ministry’s revenue data take account of bad debt, complimentary allowances, and commissions, and therefore they differ somewhat from the figures released by the industry operators.

The ministry’s information also showed that in 2022 the aggregate number of visits to the country’s casinos stood at nearly 3.19 million. That was a 105.4 percent rise from 2021’s just over 1.55 million visits.

Nonetheless, the foreigner-only venues only accounted for 34.7 percent of all casino visits in 2022, i.e., just under 1.11 million.

The ministry said that foreigner-only operator Grand Korea Leisure Co Ltd  – also known as GKL – saw its gaming revenue rise 196.0 percent year-on-year in 2022 to KRW265.2 billion, from KRW89.6 billion.

Another major foreigner-only venue promoter Paradise Co Ltd, saw gaming revenue up 39.9 percent year-on-year to KRW349.5 billion, from KRW249.9 billion.

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