GGRAsia – S.Korea’s tax revenue from gambling up 4 pct in 2015

S.Korea’s tax revenue from gambling up 4 pct in 2015

Jun 28, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck

The South Korean government’s intake from gaming tax increased 4 percent year-on-year in 2015, to KRW2.42 trillion (US$2.06 billion), showed data from the country’s National Gambling Control Commission, quoted by South Korea’s Yonhap news agency.

That compares to KRW2.32 trillion in 2014, according to the official data.

South Korea’s gambling industry is defined in the national figures as covering not only casinos and lotteries, but also horse racing, cycling races, boat races and the local version of bullfighting, which involves two animals going head-to-head.

Tax revenue from South Korean casinos rose 12.1 percent year-on-year to KRW478.8 billion, reported Yonhap.

South Korea currently has 17 casinos, but the country’s nationals are only allowed to gamble at one of them – Kangwon Land, located 150 kilometres (93 miles) southeast of Seoul in Kangwon province.

The National Gambling Control Commission said tax revenue from the gambling sector increased in 2015, as its sales grew by 3.1 percent year-on-year to KRW20.5 trillion, reported Yonhap.

Total industry sales in 2014 were KRW19.87 trillion, from KRW19.67 trillion the year before, according to official figures.

The first large-scale gaming resort in South Korea – featuring a foreigner-only casino – is to start operations next year. Paradise City, by South Korea’s foreigner-only casino operator Paradise Co Ltd and Japanese pachinko operator Sega Sammy Holdings Inc, is scheduled to open in April 2017.

Another large-scale casino resort announced for Incheon, near South Korea’s capital Seoul, is the Inspire Integrated Resort scheme, led by U.S.-based Mohegan Tribal Gaming Authority. The scheme – which has permission to include a foreigner-only casino – is scheduled to begin operations by 2020.