{"id":8926,"date":"2024-07-11T19:00:24","date_gmt":"2024-07-11T19:00:24","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=asia&p=8926"},"modified":"2024-07-11T19:00:24","modified_gmt":"2024-07-11T19:00:24","slug":"south-korea-needs-a-policy-white-paper-on-the-role-and-future-of-its-own-casino-industry","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/south-korea-needs-a-policy-white-paper-on-the-role-and-future-of-its-own-casino-industry\/","title":{"rendered":"South Korea needs a policy \u201cwhite paper\u201d on the role and future of its own casino industry."},"content":{"rendered":"\n

South Korea needs a policy \u201cwhite paper\u201d on the role and future of its own casino industry, in the face of a \u201cbig threat\u201d competition-wise from a Japanese integrated resort (IR) with casino, MGM Osaka, due to open in 2030.<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

That is according to Yang Hyung-eun, a researcher of the Institute of Amusement Industry Studies at Osaka University of Commerce, in Japan. His thoughts are in an opinion article in the Korea Times, published last week.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Scholar Mr Yang wrote that the eventual launch of Japan\u2019s MGM Osaka, possibly in six years, \u201cwill pose a big threat to [South] Korea\u2019s casinos with a 60-year history,this was already predicted from the early 2000s. The [South] Korean government focused on regulation rather than promotion for the future.\u201d<\/em><\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

South Korea has 18 casinos, but only one of them \u2013 Kangwon Land \u2013 has gaming facilities open to local players. Regional competition for players is building in the wake of factors including China\u2019s campaign on mainlanders gambling while overseas.<\/p>\n\n\n\n

Kangwon Land, for its part, has also periodically faced pushback from the country\u2019s politicians in terms of the scale of its domestic gaming business.<\/a><\/p>\n\n\n\n

A number of investment analysts has commented on some public perception in South Korea of casino gambling being a socially-harmful activity, rather than one to drive economic growth, including foreign earnings from inbound tourism.<\/p>\n\n\n\n

According to Mr Yang, \u201ca \u2018casino white paper\u2019 is needed to prevent the same mistakes from occurring again.\u201d<\/em> He did not specify the supposed nature of such \u201cmistakes\u201d.<\/p>\n\n\n\n

The scholar said that \u201cfor the sake of a \u2018Korean-style IR\u2019 [sector], a civic meeting of intellectuals should carry out a comprehensive review\u201d.<\/p>\n\n\n\n

Mr Yang said a minimum was to establish in South Korea what he termed an \u201cintegrated resort promotion headquarters\u201d, as well as a casino regulatory commission. He referred in the article to Japan\u2019s IR Promotion Headquarters, which he noted was \u201ca unit designed to promote countermeasures against gambling addiction\u201d.<\/p>\n\n\n\n

\u201cNow is the time for a future vision and philosophy\u201d for the South Korean casino industry, he suggested.<\/p>\n\n\n\n

A number of publicly-listed firms that run foreigner-only casinos in that market indicate that historically Japan and China have been important source markets for players.<\/p>\n\n\n\n

China\u2019s government has recently been running a campaign to discourage mainland residents from casino gambling when travelling abroad, which a number of investment analysts has suggested could impact casino-services demand in South Korea.<\/p>\n\n\n\n

Kangwon Land Inc, the operator of Kangwon Land, has indicated recently it wants to seek business growth by pursuing the foreign-client segment, including via improved facilities.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

In March, a senior South Korean government official said in a speech that he hoped the recently-opened private-sector Mohegan Inspire Entertainment Resort at Incheon, which has an 15,000-seat concert arena as well as a foreigner-only casino, would boost what he termed \u201ccultural tourism\u201d to the country.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n
\"\"\/<\/figure>\n\n\n\n
\"\"\/<\/figure>\n\n\n\n

South Korean popular music, television soap operas, and clothing fashions are among cultural elements said to have a strong following across East Asia, according to some market research sources. Such elements have been consumer themes taken up in non-gaming facilities at the Paradise City casino resort at Incheon, according to materials from that venue\u2019s promoters.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea needs a policy \u201cwhite paper\u201d on the role and future of its own casino industry, in the face of a \u201cbig threat\u201d competition-wise from a Japanese integrated resort (IR) with casino, MGM Osaka, due to open in 2030. That is according to Yang Hyung-eun, a researcher of the Institute of Amusement Industry Studies […]<\/p>\n","protected":false},"author":1,"featured_media":8927,"menu_order":183,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-8926","asia","type-asia","status-publish","format-standard","has-post-thumbnail","entry"],"yoast_head":"\nSouth Korea needs a policy \u201cwhite paper\u201d on the role and future of its own casino industry. - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/asia\/south-korea-needs-a-policy-white-paper-on-the-role-and-future-of-its-own-casino-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea needs a policy \u201cwhite paper\u201d on the role and future of its own casino industry. - Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:description\" content=\"South Korea needs a policy \u201cwhite paper\u201d on the role and future of its own casino industry, in the face of a \u201cbig threat\u201d competition-wise from a Japanese integrated resort (IR) with casino, MGM Osaka, due to open in 2030. 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