Gambling revenue in South Korea’s casino industry rose by 40.7 percent year-on-year in 2023, to just under KRW2.73 trillion (US$1.98 billion), from KRW1.94 trillion the previous year, according to data from the Ministry of Culture, Sports and Tourism.
The tally combines the revenue of the country’s 16 foreigner-only casinos, and Kangwon Land, the only property that permits gambling by locals.
Although Mohegan Inspire Entertainment Resort at Incheon opened its non-gaming facilities in November, its foreigner-only casino only launched in February this year.
Last year’s industry aggregate represented a 93.1 percent recovery relative to the just over KRW2.93 trillion casino gambling revenue generated in the pre-pandemic trading year of 2019, according to the Ministry’s data.
The foreigner-only venues saw a circa 96.9 percent surge year-on-year in 2023 gambling revenue, to KRW1.41 trillion, from KRW714.5 billion in 2022.
Kangwon Land, operated by Kangwon Land Inc, saw 2023 revenue increase by circa 7.9 percent year-on-year, to approximately KRW1.32 trillion, from KRW1.22 trillion.
The foreigner-only venues saw gambling revenue recover 97.1 percent from 2019’s KRW1.45 trillion. Kanwon Land had recovered 89.1 percent from 2019’s KRW1.48 trillion gambling revenue figure, the ministry’s information showed.
The ministry’s information also said that in 2023 the aggregate number of visits to the country’s casinos stood at nearly 4.48 million. That was a circa 40.5 percent rise from 2022’s just under 3.19 million visits.
The foreigner-only venues accounted for 46.1 percent of all casino visits in 2023, i.e., just under 2.07 million.
The government’s gaming revenue data are net of bad debt, complimentary allowances, and commissions, and therefore they differ somewhat from the numbers provided by the industry operators.
Foreigner-only promoter Paradise Co Ltd, saw gaming revenue up 113.0 percent year-on-year in 2023, to KRW744.6 billion, compared to KRW349.5 billion in 2022, showed the governmental data.
Another major foreigner-only venue operator, Grand Korea Leisure Co Ltd – also known as GKL – saw its 2023 gaming revenue up 49.8 percent year-on-year to KRW397.4 billion, compared to KRW265.2 billion in 2022.
