{"id":48403,"date":"2017-04-13T15:00:19","date_gmt":"2017-04-13T22:00:19","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=48403"},"modified":"2017-04-13T14:59:31","modified_gmt":"2017-04-13T21:59:31","slug":"south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/","title":{"rendered":"South Korean Government Raked $54.56 Billion in 15 Years But Casino Boom May be Short-lived\u00a0 \u00a0"},"content":{"rendered":"

The South Korean government has earned trillions from gambling over the past 15 years. Trillions of South Korean won (SKW), that is, but it\u2019s not doing too badly in US dollars either.<\/p>\n

\"South
An artist\u2019s rendering of Paradise City, developed by Japanese pachinko operator Sega Sammy Holdings, which is scheduled to open later this month. The property, billed as South Korea\u2019s first integrated resort, is due to open later this month. (Image: Sega Sammy Holdings)<\/figcaption><\/figure>\n

According to a report published this week by the Korea Taxpayer Association, the country\u2019s gambling industry has paid $54.56 billion (62.5 trillion\u00a0SKW) to the government during that period.<\/p>\n

Horse racing<\/a> has brought in the lion\u2019s share, some 37.5 percent, followed by the lottery (25.4 percent) and casinos (12.3 percent).<\/p>\n

Tax revenue from the gambling industry more than doubled during the period, the organization said, while profits increased about fourfold.<\/p>\n

South Korea legalized casinos in 1967, when the nation\u2019s hotels were permitted, for the first time, to offer casino games to foreign guests.<\/p>\n

But despite the growth of the casino sector over the past decade, Korean citizens are still barred from gambling in the country\u2019s casinos.<\/p>\n

Trouble Ahead?<\/b><\/h2>\n

The casino sector has witnessed an investment boom over the last few years, from developers who have backed South Korea as the next Macau, particularly while the latter was in the midst of its two-year downturn. The country\u2019s first bona fide integrated resort, Paradise City, is due to open its doors this month in Incheon, near the capital Seoul.\u00a0 \u00a0 \u00a0<\/span><\/p>\n

However, developers were also gambling on the country amending its laws to allow South Korean nationals to engage in casino gaming, something that has failed to materialize and now looks unlikely to happen in the near future. This, plus Macau\u2019s resurgence, and the imminent opening up of the Japanese market, have made investors think twice.<\/p>\n

\n

Malaysian casino giant Genting recently sold its 50 percent stake in Resorts World Jeju, a $1.8 billion development on Jeju Island in South Korea, due to open later this year.<\/strong><\/p>\n<\/blockquote>\n

The casino group said that it wants to focus its brand on other areas instead, namely Japan, and to a lesser extent Singapore.<\/p>\n

Political Tensions <\/b><\/h2>\n

Meanwhile the political tension between China and South Korea over the deployment of a US missile system on South Korean territory could further harm the sector, at least in the short term.<\/p>\n

David Bain, of Aegis Capital Corp, said last month that China\u2019s \u201cescalating economic retaliation\u201d over the deployment, which was designed to send a message to South Korea\u2019s truculent neighbors in the north, will benefit Macau\u2019s casinos to the detriment of South Korea\u2019s. \u00a0 \u00a0<\/span><\/p>\n

\u201cMainland Chinese travelers may look to Macau<\/a> and other destinations as an alternative to\u00a0South Korea,\u201d noted Bain.<\/p>\n

Almost half of all 17 million visitors to the country in 2016 were from mainland China.<\/p>\n","protected":false},"excerpt":{"rendered":"

The South Korean government has earned trillions from gambling over the past 15 years. Trillions of South Korean won (SKW), that is, but it\u2019s not doing too badly in US dollars either. According to a report published this week by the Korea Taxpayer Association, the country\u2019s gambling industry has paid $54.56 billion (62.5 trillion\u00a0SKW) to […]<\/p>\n","protected":false},"author":42,"featured_media":48405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,61],"tags":[],"acf":[],"yoast_head":"\nThe South Korea Government Raked $54.56 Billion in 15 Years But Casino Boom May be Short-lived\u00a0 \u00a0<\/title>\n<meta name=\"description\" content=\"South Korea and it's gambling industry has flooded government coffers with money but its casino sector faces headwinds.\u00a0 \u00a0\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The South Korea Government Raked $54.56 Billion in 15 Years But Casino Boom May be Short-lived\u00a0 \u00a0\" \/>\n<meta property=\"og:description\" content=\"South Korea and it's gambling industry has flooded government coffers with money but its casino sector faces headwinds.\u00a0 \u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-13T22:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-04-13T21:59:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/paradise-city-south-korea-casino.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"415\" \/>\n\t<meta property=\"og:image:height\" content=\"215\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/\",\"url\":\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/\",\"name\":\"The South Korea Government Raked $54.56 Billion in 15 Years But Casino Boom May be Short-lived\u00a0 \u00a0\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/paradise-city-south-korea-casino.jpg\",\"datePublished\":\"2017-04-13T22:00:19+00:00\",\"dateModified\":\"2017-04-13T21:59:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"South Korea and it's gambling industry has flooded government coffers with money but its casino sector faces headwinds.\u00a0 \u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/south-korea-government-raked-54-56-billion-15-years-casino-boom-may-short-lived\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/paradise-city-south-korea-casino.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/04\/paradise-city-south-korea-casino.jpg\",\"width\":415,\"height\":215,\"caption\":\"An artist\u2019s rendering of Paradise City, developed by Japanese pachinko operator Sega Sammy Holdings, which is scheduled to open later this month. 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