Representatives of South Korea’s tourism and casino industries have called for a review of the current regulatory framework. In their view, integrated resorts with casinos must be fully utilized to stimulate international tourism.
According to The Korea Bizwire, the issue was actively discussed at a two-day forum in Osaka last week, which brought together leaders of the gaming and tourism industries.
Among the speakers was Choi Chul-kyu, Acting CEO of Kangwon Land – the only casino in Korea where local residents are permitted to gamble. He expressed concern over the upcoming launch of Japan’s first integrated resort, MGM Osaka.
“Osaka’s integrated resort is geographically close and poses a serious competitive challenge for our industry,” he said. It has been suggested that MGM Osaka could attract 7.6 million South Koreans annually and siphon off US$1.9 billion in spending from them.
Choi said that such an impact would not only affect Kangwon Land but also Korea’s wider tourism industry.
Suh Won-seok, president of the Korea Tourism Society, stated, “For Korea’s casino and tourism industries to take off, we need new policies that go beyond the current framework.” He did not, however, detail exactly what such changes should look like.
Nevertheless, Gangneung-Wonju National University professor Lee Jae-seok said IRs must be treated as a central part of South Korea’s ambition to attract 30 million global visitors – calling on authorities to look at ways to ease restrictions while maintaining safeguards against gambling addiction, according to The Korea Biznews.
“Once Osaka opens, many of Kangwon Land’s customers could shift there,” said Han Geum-seok, acting head of the company’s casino division. “We must align our rules with global standards quickly.”
The two-day forum was hosted by the Korea Casino Integrated Resort Association and the Korea Tourism Society, and brought together around 50 officials and experts to assess the impact and implications of Osaka’s integrated resort development.
The US$9 billion MGM Osaka will, when it opens, become Japan’s first and only licensed casino resort.
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