South Korea Gambling Revenue rises to $17.6 Billion during 2016
2016 saw South Korea gambling revenue rise for the second year in a row. The sector grew 7.7% to reach $17.6 billion. During 2015 the sector grew 4%. The statistics were provided by the National Gambling Control Commission.
South Korea has 17 casinos but local gambling is restricted. South Koreans are are only allowed to gamble at one of them is which is located 150 kilometres south-east of Seoul in Kangwon province.
Revenue from the local casinos exceeded sales at the foreigner’s casinos by around 70%. Local South Korea gambling revenue has a strong home market.
Sales of National Lottery tickets grew by 9.3% year of year. Horse race gambling was up 0.2% and cycle race gambling was up 1.7%.
The Korean economy suffered during 2016 with an abnormally high dependency on exports. Korea has been starting to miss out as other countries like China have caught up on technology. There is a general feeling in South Korea that the country is too dependent on electronic exports and that it is a high risk market.
When morale is low it is not unusual for people to feel demoralised and gamble more. Having said that visitors to foreign casinos have increased and there is scope for them to increase further, particularly in the Chinese sector.
South Korea’s new gambling addition is the Paradise City Casino due to be opened during May 2017. The resort with immediately accessible by rail from the Incheon International Airport will feature family and gambling facilities in readiness for the 2018 winter Olympic games. Maybe this casino resort will continue to boost gambling revenue. It is the first large scale resort scale casino for foreigners in South Korea and it is bound to attract visits from China, it is only ten minutes from the airport.
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