South Korean casino market sees 64.2% revenue growth in 2022
South Korea’s casino market revenue reached US$1.47bn in 2022.
South Korea.- The Ministry of Culture, Sports and Tourism has reported that gambling revenue in South Korea grew by 64.2 per cent year-on-year in 2022, from KRW1.18tn to KRW1.94tn (US$1.47bn). The growth was attributed to the return of casino visitors after the Covid-19 pandemic. Visitors rose by 105.4 per cent to nearly 3.19 million compared to just over 1.55 million in 2021.
The revenue generated by Kangwon Land, the only casino in South Korea that accepts bets from locals, rose by 57.9 per cent from KRW775.0bn to KRW1.22tn. The 16 foreigner-only casinos saw revenue rise by 76.4 per cent from KRW405.0bn to KRW714.5 bn.
The ministry’s statistics show that foreigner-only casinos only accounted for 34.7 per cent of all casino visits in 2022. Total visits were just under 1.11 million.
According to the ministry, the figures include bad debt, complimentary allowances, and commissions, so they differ from those released by the industry. For 2022, the operator GKL posted revenue of KRW265.16bn (US$207.23m), up 196 per cent compared with 2021. Paradise Co posted revenue of KRW350.68bn (US$274.5m), up 40.5 per cent.