Figures show Kangwon Land’s revenue grew 5.8% while that of foreigner-only casinos fell 10.9%.
South Korea.- Even before the pandemic, South Korean casinos’ revenues were falling, according to data released by the National Gambling Control Commission.
In 2019, total casino sales represented about 12.9 of gambling revenue in South Korea. Lotteries accounted for 23.9 per cent, while horse racing contributed 20 per cent and the Sports Toto 19.4 per cent.
Total casino turnover totalled KRW2.93 trillion (US$2.46 billion), 3.1 per cent less than in 2018.
Foreigner-only casinos brought in KRW1.44 trillion (US$1.21 billion) in 2019, down 10.9 per cent on 2018 despite a 13.9 per cent increase in visitation from 2.8 million visits in 2018 to 3.2 million last year.
At Kangwon Land, the only casino in South Korea where locals are allowed to legally gamble, visitation remained steady (2.85 million compared to 2.89 million visits) but turnover grew 5.8 per cent in 2019 to KRW1.48 trillion (US$1.24 billion).