• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 31 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

South Korea Plans To Solicit Casino Bids

Newsdesk by Newsdesk
Mon 30 Sep 2013 at 00:38
1
SHARES
34
VIEWS
Print Friendly, PDF & Email

South Korea says it will reopen bidding to “qualified” operators interested in developing resort casinos in the country’s Free Economic Zones.

After rejecting applications a few months back by Las Vegas-based Caesars Entertainment and Kazuo Okada’s Universal Entertainment, the government is taking a fresh look at foreigners-only gaming as a tourism driver, and a framework for regulating them in the FEZs will be unveiled next month, according to the Ministry of Trade, Industry and Energy.

In July, the administration of President of Park Geun-hye announced a plan to invest a total of 82 trillion won (US$72 billion) to complete the development of eight FEZs by 2022, with a long-term goal of attracting as much as $20 billion in foreign investment.

Destination-scale casinos capable of boosting inbound tourism are viewed as an important part of the strategy, and to attract both foreign and domestic developers, the government is prepared to provide a friendly tax and regulatory environment sweetened with other incentives, according to a report in English-language daily The Korea Times.

As to why Caesars and Tokyo-based Universal failed to make the cut, no reasons were publicly given, but it was the Ministry of Trade that specified “qualified” in a statement on the new plan.

Caesars, the largest casino operator in the United States, is laboring under the indusry’s heaviest debt load as the result of a 2008 buyout by private-equity interests. Universal is under criminal investigation in the Philippines and the US in connection with dealings related to its planned development of a resort casino in Manila.

The South Korean government has approved one FEZ casino proposal to date — a KRW800 million ($730 million) joint venture in Incheon between Paradise Group, one of the two operators that dominate the country’s foreigners-only market, and Japanese pachinko giant Sega Sammy Holdings. The resort is slated to open in phases beginning in 2016 with two hotels, a theme park, a convention center and a casino featuring 450 table games at full build-out.

The current market is generating about US$2 billion a year from 16 moderately sized casinos catering mostly to Chinese and Japanese visitors and one large and lucrative casino in the remote northeast of the country that is open to Koreans.

RelatedPosts

Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Korea’s Kangwon Land cites positive impact of recently raised casino betting limits as 2Q25 GGR hits US$260 million  

Wed 30 Jul 2025 at 05:37
Korea’s INSPIRE launches industry-first KakaoMap indoor map service to simplify property navigation

Korea’s INSPIRE launches industry-first KakaoMap indoor map service to simplify property navigation

Thu 24 Jul 2025 at 10:35
Grand Korea Leisure books US$11.4 million profit in 1Q25 on higher casino sales, better margins

Grand Korea Leisure reports sequential gain but year-on-year decline in casino revenue to US$25.5 million

Fri 4 Jul 2025 at 04:52
Jeju Dream Tower casino sales down 7.4% in March

South Korea’s foreigner-only casinos showing renewed vigor as Jeju Dream Tower sets new monthly drop, visitor records

Thu 3 Jul 2025 at 05:41
Load More
Tags: South Korea
ShareShare
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
Tecnet
NWR

Related Posts

Macau’s DICJ says closure of satellite casino Grandview complete

Macau’s DICJ says closure of satellite casino Grandview complete

by Pierce Chan
Thu 31 Jul 2025 at 15:22

Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ) confirmed Thursday that satellite casino Grandview had shuttered its doors and the property cleared in accordance with the law. SJM, which announced in June that it would close all of...

SJM operating entity announces name change

IAG names Grand Lisboa Palace Resort Macau as venue and SJM Resorts S.A. as Venue Sponsor for 2025 Power 50 Black Tie Gala Dinner

by Newsdesk
Thu 31 Jul 2025 at 14:50

Leading B2B gaming industry media brand Inside Asian Gaming is thrilled to announce Grand Lisboa Palace Resort Macau, in the Macau entertainment hub of Cotai, as the venue for the 18th Asian Gaming Power 50 Black Tie Gala Dinner on Friday 7...

Invitational NUSTAR Golf Tournament 2025 attracts 120 players

Invitational NUSTAR Golf Tournament 2025 attracts 120 players

by Newsdesk
Thu 31 Jul 2025 at 11:37

Cebu’s NUSTAR Resort & Casino has hosted its NUSTAR Golf Tournament 2025, attracting more than 120 players at the scenic Alta Vista Golf and Country Club on 25 July 25 for a full day of competitive play. The tournament gathered...

IAG to launch weekly “The IAG Live Streaming Show” starting this Friday 25 July

Don’t miss Episode 2 of The IAG Live Streaming Show this Friday at 10am

by Newsdesk
Thu 31 Jul 2025 at 06:43

Inside Asian Gaming’s new weekly production, The IAG Live Streaming Show, will return this Friday 1 August at 10am Macau time. Episode 1 of The IAG Live Streaming Show was broadcast last Friday 25 July 2025, representing an evolution of “On the...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English