Tax contributions at 17 casinos in South Korea reportedly fell relatively 82.4 percent to about $70.7 million last year, mainly as a direct result of the ongoing coronavirus pandemic-related turmoil.
The 674-room Kangwon Land casino was about $51.8 million, slightly exceeding 73% of its total tax tally, despite a 83.3% drop from $39.5 million recorded in 2019, according to a report by GGRAcia, citing official information from the National Gambling Commission regulator. The sources detailed that the 21-year-old company is the only Korean real estate allowed to rise to 176 percent by foreign gamblers recently.
Nevertheless, last year’s tax tally from Kangwon Land casinos was reportedly more than double the combined figure of 16 foreign-only casinos nationwide, down 79.7 percent from a year earlier to $18.9 million. In addition, the development run by the state-run Kangwon Land Co., Ltd. has a supply of various charitable funds, including about $232.2 million, which fell 8% annually, and $46.5 million, which was handed over by about 607% of its compatriots.
GGRAcia reported that the gambling sector in Korea includes not only horses, bicycles, boats, and bullfights, but also local lottery tickets. The source explained that Kangwon Land Casino in eastern Gangwon Province, a four-hour train ride from downtown Seoul, accounted for 14.8 percent of the nation’s total 2020 game revenue, down a relatively 82.9 percent to $349 million.
The South Korean government reportedly imposed coronavirus-related casino closures last year as it struggled to contain the epidemic directly linked to the deaths of more than 2,300 locals so far. Gambling-friendly locations have also reportedly had to follow a number of relevant public health regulations, including capacity limits, testing schemes and social distancing protocols.
Citing a May announcement by the Ministry of Culture, Sports and Tourism, GGRAcia explained that the total number of South Korean casino visits in 2020 fell 71.3% year-on-year to just over 1.7 million. The ministry later said total sales at these venues fell 64.5% over the 12-month period, compared with more than 40 Macau casinos alone approaching $1.2 billion. 바카라