South Korea’s casino market revenue reached US$1.47bn in 2022.<\/p>\n\n\n\n\n\n\n\n
South Korea.- The Ministry of Culture, Sports and Tourism<\/strong> 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.<\/p>\n\n\n\n The revenue generated by Kangwon Land<\/strong>, the only casino in South Korea that accepts bets from locals, rose by 57.9 per cent from KRW775.0bn to KRW1.22tn<\/strong>. The 16 foreigner-only casinos saw revenue rise by 76.4 per cent from KRW405.0bn to KRW714.5 bn.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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<\/a> posted revenue of KRW265.16bn (US$207.23m)<\/strong>, up 196 per cent compared with 2021. Paradise Co<\/a> posted revenue of KRW350.68bn (US$274.5m)<\/strong>, up 40.5 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":" South Korea’s casino market revenue reached US$1.47bn in 2022.<\/p>\n","protected":false},"author":176,"featured_media":18146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Korea's casino market revenue surged to US$1.47bn in 2022, marking a 64.2% year-on-year increase, primarily driven by the post-Covid-19 return of casino visitors. Both Kangwon Land, the sole casino accessible to locals, and the 16 foreigner-only casinos reported substantial revenue growth, with operators GKL and Paradise Co. also posting strong individual financial performances.","focusai_entities":"Ministry of Culture, Sports and Tourism, Kangwon Land, GKL, Paradise Co","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Post-Pandemic Growth Sustainability","query":"What are the projections for South Korea's casino GGR and NGR in 2023 and 2024, considering the sustainability of the post-pandemic visitor surge and potential macroeconomic headwinds?"},{"label":"Regulatory Framework Impact","query":"How might the significant revenue disparity between Kangwon Land (local access) and foreigner-only casinos influence future regulatory discussions regarding market access and licensing frameworks in South Korea?"}],"footnotes":""},"categories":[16338,163,158],"tags":[23907],"class_list":["post-777004949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","category-slider-home","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777004949"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004949\/revisions"}],"predecessor-version":[{"id":777004969,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004949\/revisions\/777004969"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18146"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777004949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777004949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777004949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}