S. Korea generates US$54.6 bln in gaming tax so far


The Korea Taxpayer Association estimates the South Korean Government has collected US$54.56 billion (MOP436.84 billion) from gaming taxes over the past 15 years, Gaming Today reported.
Horseracing has brought in the largest part of the revenue, representing 37.5 per cent of the total, followed by lotteries (25.4 per cent) and casinos (12.3 per cent).
Casinos in Korea are supervised by the Ministry of Culture and Tourism and allowed under the Tourism Promotion Act, according to which licensed hotels – currently in Seoul, Incheon and Jeju Island – can operate casinos for foreign nationals only.
In January 2017, Landing International Development Ltd., a Chinese real estate developer, became the sole owner of Shinhwa World, a casino-resort project on Jeju, previously co-owned by Genting Singapore PLC, a Singapore-listed gaming operator.
Genting’s exit from South Korea’s market was said to be part of the company’s strategy to re-focus on Japan’s recently liberalized gaming market, according to a company announcement.
Forbes has said recently that the competition in the regional gaming market is expected to increase and the stakes set to rise, given signs of recovery in Macau, Japan’s soon-to-open coveted gaming market, and the increasing success of gaming operations in the Philippines, despite political instability and regulatory constraints.