South Korean casinos visits down 71.3% in 2020
In 2020 South Korean casinos received only 1,760,232 visits, down from 6,128,952 in 2019.
South Korea.- The government has reported that visits to South Korean casinos declined by 71.3 per cent year-on-year to 1,760,232 in 2020.
Gambling cash turnover was down 64.5 per cent when compared to the previous year to KRW1.04tn (US$926.53m), compared to KRW2.93tn in 2019.
South Korea’s 16 foreigner-only casinos have been deeply affected by the lack of tourists, recording a 58.8 decline in casino turnover from KRW1.45tn to KRW597.8bn in 2020.
State-run casino operator Kangwon Land, which allows locals to bet, reported that its gambling sales revenue fell 70 per cent year-on-year, from KRW1.48tn to KRW443.5bn.
Only 17,502,756 tourists visited South Korea in 2020 due to ongoing Covid-19 countermeasures, an 85.6 per cent decline when compared to 2019, when 2,519,118 tourists arrived in the country.
The Ministry of Culture, Sports and Tourism has allowed South Korean casinos to postpone their sales tax payments for at least 12 months.