South Korea Gaming Tax Revenue Up 4% in 2015

Gaming tax revenue in South Korea was up 4% year-on-year in 2015, reaching the amount of KRW2.4 trillion ($2.06 billion), the National Gambling Control Commission announced on Monday. In comparison, a total of KRW2.3 trillion was contributed to the country’s government in 2014.

Casino gaming and lotteries are not the only forms of gambling to be legal in South Korea. Apart from these, gambling customers are also allowed to bet on horse racing, boat and cycling races, and bullfighting.

Tax revenue from the country’s casinos increased 12.1% year-on-year to KRW478.8 billion, the national gambling regulator reported, cited by local media. At present, there are 17 casinos to be operating within South Korea’s borders. Of those, there is only one to be accepting country residents – Kangwon Land, located in the Kangwon province.

Sports betting contributed tax revenue of KRW1.5 trillion in 2015, up 1.6% as compared to the figure posted for the previous year. Tax revenue from bets placed on bullfighting jumped the impressive 300% over the past calendar year. Betting on boat races was the only segment that registered drop in the tax revenue collected from it. It decreased 0.9% year-on-year in 2015.

The National Gambling Control Commission attributed the overall increase in full-year tax revenue to the general growth of the country’s gambling sector. As it was reported, gambling sales rose 3.1% year-on-year to reach KRW20.5 trillion. In comparison, the amount of KRW19.9 trillion was posted for 2014. What is more, industry sales totaled KRW19.7 trillion in 2013, according to the official figures released by the national gambling regulator.

South Korea is currently in the midst of expanding its casino market with several large-scale resort projects currently being under way or set to commence anytime soon. The country will likely have its first integrated casino complex launched in April 2017. Paradise City, as the resort will be called, will feature a foreigners-only casino among other exciting options. The venue is owned by local gambling operator Paradise Co. Ltd. and Japanese gaming company Sega Sammy Holdings Inc.

Inspire Integrated Resort is another multi-phase integrated resort development projected for the country. The complex is planned to be built near the Incheon International Airport and is led by US-based Mohegan Tribe and its Gaming Authority. It is expected to open doors in 2020.

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