Tuesday, August 03, 2004

Korea hedges its bets on casinos

Asia Bets Big on Gambling While Korea Hedges

Fascinating article about the current state of gambling in South Korea. As billions of dollars flow into Asia, Korea has remained stagnate in its current gambling position. There is currently only one casino for Korean nationals despite watching its neighbours Japan, Taiwan and Singapore developing and granting casino licenses to increase local community revenues.

Paradise Casino, the Seoul-based casino for overseas gamblers only is located downtown along the Han River. Its open 24/7 and brought in revenue of nearly $200mil. According to OhMyNews who went along to the casino one evening, the place only touches on luxury and the atmosphere 'lacklustre'.

The gamblers arrive from Japan and China to play the table games offered - including baccarat, blackjack, American roulette, craps, tai sai (Sic Bo) and slots. Most come for convenience simply 'just to gamble'.

Whilst there is only one casino in Seoul, there are 8 casinos in Jeju island. However, the culture and perceived risks of opening more Korean National casinos has seen the status quo prevail for almost 40 years.

However, with the local economy on a downturn and neighbouring countries about to reap the benefits of gambling taxes, it seems that the Korean government will soon not be able to ignore the need for a 'shot-in-the-arm' to Korea's economy. And gambling might just provide that.

posted by jo @ 4:49 PM   0 comments

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