South Korea gambling revenue up again for 2014

By David Cook
Annual gambling industry sales increased for the ninth consecutive year in South Korea in 2014, figures released by the government have revealed.

Total sales amounted to KRW19.87 trillion ($17.64bn), and gambling sales are up 1% by KRW199.2bn from 2013’s KRW19.67 trillion.

The figures cover revenue generated by casinos, lotteries, traditional bullfights and horse, cycling and boat races.

Sports betting revenues and various lottery ticket sales exceeded KRW3.28 trillion each and were up 6.5% and 1.4% year-on-year respectively.

Kangwon Land, the only casino in the country that is open to Korean nationals, increased its revenue by 10% to KRW1.4 trillion, while foreigner-only casinos were up 0.3% to KRW1.36 trillion.

Horse racing revenue stood at KRW7.64 trillion, down 0.7%, and cycling and boat race revenue declined for the third consecutive year.

Government officials have predicted that revenues will top the KRW20 trillion mark this year.

South Korea approved construction of the first foreign-owned casino in the country last year and the remaining 16 South Korean casinos are open only to foreign nationals.

The casino will be a joint venture between operator Caesars Entertainment Corp. and Hong Kong-based property developer Lippo Ltd.

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