S. Korean casinos for foreigners 2018 takings US$1.4 billion

Jul 23, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  

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The gaming regulator in South Korea says turnover in the casinos there that admit only foreigners grew to almost KRW1.63 trillion (about US$1.38 billion) in 2018 from just under KRW1.21 trillion in 2017.

The regulator, the National Gambling Control Commission, posted online recently a table of figures indicating a recovery in 2018 from a slump the year before in the turnover in casinos for foreigners only.

No commentary on the reasons for year-on-year turnover fluctuations is given in the commission’s annual updates.

Annual turnover in South Korean casinos for foreigners made up 7.26 percent of all gambling turnover in South Korea in 2018.

The figures indicate that patrons paid almost 2.84 million visits to the 16 casinos for foreigners only in South Korea in 2018, having paid almost 2.22 million visits in 2017.

Turnover in the only casino in the country that admits South Korean players, run by Kangwon Land Inc, fell to KRW1.40 trillion in 2018 from about KRW1.52 trillion in 2017.

Patrons paid the Kangwon Land casino over 2.85 million visits in 2018, having paid about 3.12 million visits in 2017.

The casino operator has been under political pressure to moderate the growth of its revenue. Kangwon Land has since April 2018 reduced its daily opening hours, following an order of the South Korean government.

The company was also ordered to reduce the number of mass tables, from a maximum 180 to a maximum 160, starting January 1, 2018.

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