South Korean casino revenue up 40.7% in 2023

Revenue reached KRW2.73tn (US$1.98bn).

South Korea.- The Ministry of Culture, Sports and Tourism has reported that gambling revenue in South Korea grew by 40.7 per cent year-on-year in 2023, from KRW1.94tn to KRW2.73tn (US$1.98bn). The figure represents a 93.1 per cent recovery compared to pre-Covid-19 levels.

The figure comprises the revenue of 16 foreigner-only casinos and Kangwon Land, the only property that permits gambling by locals. The Mohegan Inspire Entertainment Resort in Incheon is not included because, while it opened non-gaming facilities in November, its foreigner-only casino opened in February this year.

The revenue of foreigner-only casinos rose by 96.9 per cent to KRW1.41tn, while Kangwon Land’s revenue increased by 7.9 per cent to KRW1.32tn. Total visits reached 4.48m, a 40.5 per cent increase from 3.19m in 2022. Foreigner-only venues accounted for 46.1 per cent of these.

Paradise Co gaming revenue increased by 113.0 per cent in 2023 to KRW744.6bn (US$543m). Grand Korea Leisure saw its gaming revenue increase by 49.8 per cent to KRW397.4bn (US$290m).