Key Points:
- Experts have advised for a gambling regulatory body in Korea for integrated resorts
- An event was held looking at ensuring the sustainable growth of integrated resorts
- Illegal gambling was highlighted as a key issue
- Competition was discussed as high within the integrated resorts industry
Scholars, industry leaders and government officials came together for an event called ‘Korean-Style Integrated Resorts and Future Strategic Directions.’
This event by the Korean Times Global Business Club was organised to look at the future sustainability of integrated resorts in the region and how growth can be maintained in the industry.
One suggestion looked at the establishment of a gambling regulatory body to change the public’s negative views on casinos and deal with the negative effects of gambling addiction.
Gangneung-Wonju National University Professor Lee Jae-seok said: “I don’t think making gambling a taboo and sweeping it under the rug will solve the problems of gambling addiction.”
Jae-seok also emphasised that education was key for the prevention of gambling addiction and that this is something that should be encouraged even at younger ages.
It was also underlined at the event that gambling regulators should not only help promote responsible gambling but should also highlight the positive impact of casinos, such as job creation and aiding economies.
Illegal gambling was also touched upon during the event and the scale of the problem that it is within the country.
Korean Institute of Criminology and Justice VP Park Jun-hwi commented: “The seven legal gambling industries’ sales amount to 20 trillion won ($15.1 billion), while that of illegal gambling far exceed 100 trillion won.”
Also on the agenda was exploring the growing competition for the development and operation of integrated resorts in the country, with suggestions that Korea must follow a similar path to Japan, which spent 12 years on operational planning and regulation for a planned integrated resort in Yumeshima.
In other news from Asia last week, it was announced that Macau casino operators saw revenue gains after the Chinese government’s announcement to revitalise the economy with a major stimulus package.
