Representatives of South Korea’s tourism and casino industries have called for an overhaul of the country’s regulatory framework, arguing that integrated resorts with casino gaming must be fully utilized in order to boost international tourism.
According to a report from The Korea Bizwire, the issue was discussed at length during a two-day forum in Osaka, Japan last week which brought together leaders from the casino and tourism sectors.
Among the event’s speakers was Choi Chul-kyu, acting CEO of Kangwon Land – the only casino in Korea at which locals are permitted to gamble – who expressed his concerns over the impending launch of Japan’s first IR, MGM Osaka, sometime around 2030.
“Osaka’s integrated resort is geographically close and poses a serious competitive challenge for our industry,” he said. It has been suggested that MGM Osaka could attract 7.6 million South Koreans annually and siphon off US$1.9 billion in spending from them.
Choi said that such an impact would not only affect Kangwon Land but also Korea’s wider tourism industry.
Suh Won-seok, president of the Korea Tourism Society, stated, “For Korea’s casino and tourism industries to take off, we need new policies that go beyond the current framework.” He did not, however, detail exactly what such changes should look like.
Nevertheless, Gangneung-Wonju National University professor Lee Jae-seok said IRs must be treated as a central part of South Korea’s ambition to attract 30 million global visitors – calling on authorities to look at ways to ease restrictions while maintaining safeguards against gambling addiction, according to The Korea Biznews report.
“Once Osaka opens, many of Kangwon Land’s customers could shift there,” said Han Geum-seok, acting head of the company’s casino division. “We must align our rules with global standards quickly.”
The two-day forum was hosted by the Korea Casino Integrated Resort Association and the Korea Tourism Society, and brought together around 50 officials and experts to assess the impact and implications of Osaka’s integrated resort development.
The US$9 billion MGM Osaka will, when it opens, become Japan’s first and only licensed casino resort.