Foreigner-only casinos in South Korea enjoyed a strong performance in 2018. This is according to the report released by the National Gambling Control Commission. According to the report, South Korea foreigners only casino revenue went up from KRW 1.21 trillion in 2017 to KRW 1.63 trillion in 2018.
South Korea foreigners only casino revenue represents 7.26 percent of the casino gambling revenue in 2018. However, the regulator didn’t provide any reasons for the year-on-year revenue improvement.
Betting odds experts point at the increasing number of visitors each year. In fact, the number of visitors at foreigner-only casinos improved to 2.84 million visitors in 2018 from 2.22 million in 2017.
South Korea Foreigners Only Casino Revenue
However, this is not the same case for the Kangwon Land Inc. casino. Revenue from the lone casino allowing local Korea wager dropped from KRW 1.52 trillion in 2017 to KRW 1.40 trillion in 2018. Also, the Kangwon Land Casino got 2.85 million visitors in 2018, which is down from 3.12 million visitors in 2017.
The casino operator has been facing political pressure to moderate its revenue growth. It had to lower its revenues to avoid further scrutiny from In April 2018, the government ordered the casino to reduce its daily operating hours from 20 hours daily to 18 hours.
Also, the government reduced the number of tables at the casino from a maximum of 180 table games to 160 table games in January 2018. These changes impacted the casino’s revenue report for the year.
The changes were the result of the government’s Gambling Industry Reform Plan. Its goal is to have stricter regulations in place. As a result, Kangwon Land had no choice but to lower its revenues to prevent more scrutiny from the government.
In related news, a recent report showed an increase in gambling addiction among teenagers in Korea. Sports betting tutorials and other gambling tutorials have become more popular among the youth. As a result, there’s a 600 percent increase in teens getting treatment for problem gambling since 2015.
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