South Korea increases casino sales
The foreigner-only gambling facilities increased their sales by 3 percent in 2016, as the national gambling commission revealed.
South Korea.- The National Gambling Control Commission from South Korea unveiled details of the country’s foreigner-only casinos: the facilities totaled US$1.14 billion in 2017, a 2.6 percent increase.
The news come as a breeze of fresh air for the national industry because in 2015 the sector experienced a year-on-year 9.7 percent decline, the first one in nine years. Despite concerns over the possibility of achieving bad results again, the South Korean regulator showed that 2016 was a good year for the casino market. Moreover, the report revealed that in 2016, sales at the only casino resort where nationals can gamble, Kangwon Land, were larger than the combined ones in foreigner-only casinos. The impressive results have been repeating themselves for three consecutive years. Total gaming sector sales in the country were 2.9 trillion South Korean Won, which include the 17 foreigner-only casinos and Kangwon Land results.
Back in May, Mohegan Sun president and CEO Mitchell Etess announced that the company partnered up with South Korean chemicals manufacturer KCC Corp and the IIAC to operate the “Inspire Integrated Resort”, an upcoming casino resort in Incheon, near Seoul. Constructions are expected to begin between late 2017 and early 2018 in order to open the resort in 2020.
