S.Korea Casino Sales Up 41pc Year-over-Year 2023 US$2 Bln

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The gambling revenue of the South Korean casino industry rose 40.7 percent year-on-year to 2.73 trillion won ($1.98 billion) in 2023, up from 1.94 trillion won a year earlier, according to data from the Ministry of Culture, Sports and Tourism. 실시간경마사이트

The tally combines the profits of 16 foreign-only casinos in the country with Kangwon Land, the only real estate that allows domestic gambling.

Incheon's Mohegan Inspire Entertainment Resort opened its off-game facility in November, but its foreigner-only casino opened only in February this year.

Last year's industry total recovered 93.1% compared with just over 2.93 trillion won in casino gambling revenue generated in the pre-pandemic trading year in 2019, ministry data showed.

Foreign-only venues saw their gambling revenue jump about 96.9% year-on-year to 1.41 trillion won in 2023, up from 714.5 billion won in 2022.

Kangwon Land Co., Ltd.'s 2023 sales rose from 1.22 trillion won to about 1.32 trillion won, up about 7.9% year-on-year.

Foreign-only venues have recovered 97.1 percent from their gambling income of 1.45 trillion won in 2019. CanOneLand has recovered 89.1 percent from its gambling income of 1.48 trillion won in 2019.

The government department said, too

The number of casino visits totaled nearly 4.48 million in 2023, compared with 3.19 million in 2022, according to information from the Ministry of Foreign Affairs.

Foreign-only venues accounted for 46.1% of all casino visits in 2023, or just under 2.07 million.

The government's gaming revenue data is in the order of bad debt, compensation allowances and fees, and therefore somewhat different from figures provided by industry operators.

Foreign-only promoter Paradise Inc.'s gaming sales rose 113.0% year-on-year to 744.6 billion won in 2023, compared with 349.5 billion won in 2022, according to government data.

Grand Korea Leisure (GKL), another major foreign-only venue operator, posted a 49.8 percent year-on-year increase in game sales to 397.4 billion won in 2023, up from 265.2 billion won in 2022.