Casino

The History Of Casino Development In South Korea

Following European countries, the gambling market has recently been actively developing in Asian countries, including the Republic of Korea. The topic of activating the gambling business began to be discussed in Korean society only in the last few years. The Asian direction is no less innovative and interesting than the European one, and therefore there is something to compare here when reading about high roller casino sites.

Nevertheless, discussions are getting sharper with each new message about the possible construction of a new gambling entertainment complex in the country. Due to the fact that the Korean government considers its population to be insufficiently conscious and responsible, special prohibitions and punishments have been introduced for Korean citizens for visiting casinos and, even more, for organizing games for the purpose of earning money. On the other hand, the history of the development of this business in Korea began in 1947 when the first lottery was held. The proceeds went to sponsoring the participation of Korean athletes in the 1948 Olympic Games in London. In 1969, the first state-controlled lottery appeared. And in 1967, the first casino was opened in a hotel in Incheon.

With all the government bans, Koreans find a way to get their share of adrenaline. The following games are very popular here:

  • Hwathu card game
  • Bingo
  • Lotteries
  • Logical games

Most people of retirement age participate in them, but despite this, cash rates are not uncommon here.

What casinos are there in Korea, and how do they work?

Source: speedwaymedia.com

Among the 17 gambling establishments legally operating in Korea, only one casino is currently open to Korean citizens. This is the Kangwon-Land Casino in Gangwon Province. The main reason for its organization was the need to revive the economy of the former center of the coal industry, which fell into decay after the closure of the last mine. Although the casino was intended for the local population, the government still imposed a limit on the frequency of its visits by Koreans; besides, getting to the place is not so easy.

In 2011, Kangwon Land generated about 1.2 trillion won ($1.1 billion) in revenue, more than all 16 casinos for foreigners combined. In the same year, the institution served an average of about 1000 people. in a day. In 2014, casino revenue was approximately 1.5 trillion won ($1.4 billion), again exceeding that of other casinos.

At the same time, the Tourism Promotion Act allows local hotels to have a casino on their territory, accessible only to foreigners. Now such establishments are located in Seoul, Incheon, Jeju Island, and several other cities. All of them are controlled by the Ministry of Culture, Sports, and Tourism. These casinos are very popular and very

profitable, which is confirmed by the annual growth of their income.

Features of Korean casinos

It is worth noting that casinos in Korea are gradually becoming a place where you can not only place bets but also have fun with the whole family. This is the peculiarity of Korean casinos. This approach provides more opportunities for obtaining economic benefits.

Thus, a casino in Korea is more of a cultural and entertainment aspect than gambling. And speaking of culture, it is worth noting that the population in the Asian region takes their culture and traditions seriously, and therefore this affects, among other things, their attitude to games. In the East, they believe in fate and luck in a special way, especially in China, and therefore in Korean casinos over the past years, almost half of the income from the Casino has been provided by the Chinese, who can rightly be called the most gambling nation.

Source: hapskorea.com

Conclusion

The gambling market of the Republic of Korea is a rather interesting phenomenon: the state is trying to get financial benefits while maintaining cultural and social characteristics. The market is unevenly developed. Its segment, focused on foreign clients, is developing steadily. Casinos attract a large number of foreigners with their convenient location, new additional services, and excellent service. All efforts of the government are aimed at ensuring that the country takes a leading position in the gambling market in Asia, and it has every chance for this.

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