Korea Booming

Seoul’s overseas tourist business is booming right now.

K-pop has something to do with it, as does the exchange rate, particularly in relation to the Japanese yen, but one “overlooked” sector that has a lot to do with the boom is gambling, according to the Korea Times.

South Korea’s two major casino operators, Grand Leisure Korea and Paradise Group, have enjoyed double-digit growth in the number of foreign patrons every year, the Times reported.

GKL, which is 51 percent owned by the Korea Tourism Organization, owns two casinos in Seoul and another in the southern port city of Busan. Paradise operates five, as well as another casino in Kenya.

Technically, casino gambling is illegal in South Korea, but the Tourism Promotion Act allows companies to operate casinos exclusively for foreigners.

GLK reports a 37 percent increase in the number of Chinese visitors this year, and is constantly lobbying the government to ease regulations on casino gambling to achieve even more growth.

Paradise also reports that Chinese are its main target demographic and the company is now the preferred bidder for a large-scale casino to be built near Incheon International Airport, which is fast becoming one of Asia’s main travel hubs.
The planned casino will be the largest in Korea.