Characteristics and Business Status of Casinos in Korea
Casino is a sector with high barriers as government approval is necessary to start the business.
In South Korea, approval of casino(카지노사이트) business is specifically handled by
Ministry of Culture, Sports and Tourism.
Risky business such as casino is managed with high entry barrier and
intensive rules, in which the government regulation rather renders
positive role of confirming its business security.
Unlike Macau, USA, Singapore the casino industry in Korea
does not have a limit to how long casinos can operate.
As long as there is no improper business conduct from the management,
business continuity is more secure compared to other industries.
Tourism Promotion Law states all affairs related to casino operation from
new licensing to requirements for operation.
Both ‘Law on Operation and Designation of Free Economic Zones’ and
‘Special Law on Establishment of Jeju Special Self-Governing Province and Free International City’ state details on new licensing and special approval of foreign and overseas investment and the minimum investment required.
In this regard Tourism Promotion Law and other laws clarify rules on all affairs related to casino operation.
There are regulation on operation (management, facility and equipment and type of games)
regulation on demand (checking identification, promoting, restriction on entry),
tax and accounting (Individual /Special Consumption Tax, Tourism Promotion Fund,
submission and maintenance of accounting records)
all these regulations are strictly applied for casino business to be approved and managed.
In case of violation the business will face cancellation of license or
correction order on the operation and facility.
In Korea only foreigners can enter casinos, except for Gangwon Land
which is an open casino for Koreans.
Since korea local casinos are highly restricted, the business grew mostly through
This is why local casinos and inbound tourists are closely connected.
Better performance of foreigner-only casinos and number of foreign tourists increasing since 2010 resulted in overall growth of the foreigner-only casino market.
Now let us take a look at the industry status.
After opening of the first local casino in 1967 named Olympus Hotel Incheon, more casinos have been approved and been operating for foreign tourists in Seoul, Incheon, Daegu and Busan.
As of August 2021, there are total of 17 casinosite in South Korea (1 for locals in Gangwon and 16 entry for foreigners only casinos).