In South Korea, a report published this week by the Korea Taxpayer Association says the country’s gambling industry during the past 15 years has paid $54.56 billion (62.5 trillion SKW) to the government during that period.
Horseracing has brought in the most revenue (37.5 percent), followed by the lottery (25.4 percent) and casinos (12.3 percent).
The website casino.org notes that the taxpayer organization says tax revenue from the gambling industry more than doubled during the period, while profits increased about four times.
South Korea legalized casinos in 1967. That’s when the nation’s hotels were permitted for the first time to offer casino games to foreign guests. Korean citizens remain banned from gambling in the country’s casinos.
Market analysts note that developers hoped the country would alter its laws to allow South Korean nationals to engage in casino gaming. They also say Macau’s resurgence, and the imminent opening up of the Japanese market, have made investors think twice about investing in South Korea’s gambling industry.
An additional factor causing concern is the increased political tension between China and South Korea over the deployment of a US missile system in South Korean.