Calls Grow for South Korea to Ease Casino Rules Amid Rising Regional Competition
South Korea is facing mounting pressure to overhaul its casino regulations as competition intensifies across Asia, with Japan preparing to open its first integrated resort in Osaka by 2030.
Industry leaders and academics at a two-day forum (August 27~28) in Osaka warned that South Korea’s restrictive framework risks eroding the competitiveness of its casino and tourism sectors.
The event, hosted by the Korea Casino Integrated Resort Association and the Korea Tourism Society, brought together about 50 officials and experts to assess the implications of Japan’s new project.
Choi Chul-kyu, acting chief executive of Kangwon Land — the country’s only casino open to Korean nationals — said Osaka’s development could deliver a direct blow.
“Osaka’s integrated resort is geographically close and poses a serious competitive challenge for our industry,” he said, pledging gradual innovation and investment to safeguard Kangwon Land’s mission of supporting local economies in mining regions while adapting to global trends.
Academic projections are stark: once Osaka’s resort opens, roughly 7.6 million South Koreans could travel there annually, siphoning off an estimated 2.6 trillion won ($1.9 billion) in spending abroad. Such an outflow could weaken not just Kangwon Land but South Korea’s broader tourism industry.
Participants argued that revising the country’s regulatory environment in line with international standards is essential. “For Korea’s casino and tourism industries to take off, we need new policies that go beyond the current framework,” said Suh Won-seok, president of the Korea Tourism Society.
Lee Jae-seok, a professor at Gangneung-Wonju National University, added that integrated resorts must be treated as a central part of South Korea’s ambition to attract 30 million global visitors. He emphasized the dual challenge of easing restrictions while strengthening safeguards against gambling addiction.
Kangwon Land has outlined its own expansion blueprint, dubbed the “K-HIT Project 1.0,” aiming to transform itself into a world-class integrated resort by 2032. Plans include landmark facilities, a wellness-focused resort, and a large-scale leisure and sports complex.
Still, executives stressed that regulatory reform is urgent. “Once Osaka opens, many of Kangwon Land’s customers could shift there,” said Han Geum-seok, acting head of its casino division. “We must align our rules with global standards quickly.”
Forum participants also toured the Yumeshima site in Osaka, where Japan’s inaugural integrated resort is under construction, and agreed that competition for dominance in Northeast Asia’s tourism market is set to intensify.
Source : http://koreabizwire.com/calls-grow-for-south-korea-to-ease-casino-rules-amid-rising-regional-competition/331301
|
