Korea Times Global Business Club calls for development of IRs
Experts also called for the creation of a regulatory body to promote the industry.
South Korea.- The Korean Times Global Business Club held an event that brought together scholars, industry leaders, and government officials to discuss the future of integrated resorts (IRs) in the region and explore strategies for growth in the industry.
According to Korea Times, the inaugural speech at the event named Korean-Style Integrated Resorts and Future Strategic Directions was given by Yoon Tae-hwan, a professor at the Department of Hotel and Convention Management at Dong-Eui University. He said the country should develop IRs to remain competitive in regional tourism.
Tae-hwan said IRs, which combine casinos with a variety of non-gaming attractions in one location, are increasingly important in the modern tourism sector. He gave examples of the cases of Singapore, Macau, Thailand and Japan. The government of Thailand plans to legalise entertainment complexes with casinos and in Japan, Osaka IR KK is working on an integrated resort (IR) with a casino on Yumeshima island.
Tae-hwan said one of the biggest threats to tourism in Korea and local casinos would be the IRs in Japan, since 70 per cent of customers at Korea’s foreigner-only casinos are Chinese and Japanese visitors.
“Korea needs to develop unique, Korean-style integrated resorts that combine regional culture and identity, differentiating themselves from international competitors,” Tae-hwan said.
Experts call for the creation of a gambling regulatory body
Meanwhile, Lee Jae-seok, a professor at Gangneung-Wonju National University said a gambling regulatory body was needed to change the public’s negative views on casinos and promote responsible gambling. Jae-seok also stressed the significance of education in preventing gambling addiction and advocated for its promotion from a young age. He said gambling regulators should also highlight the positive impacts of casinos, such as job creation and economic growth.
