Extension of Special Act on Industrial Accident Compensation Limitation Period by 20 Years... Amendment Approved at Cabinet Meeting

Change in Abandoned Mine Fund Payment Criteria... Casino Business Profit Share from 25% to 13% of Total Sales

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy announced that the amendment to the "Special Act on Support for Development of Abandoned Mine Areas" (hereinafter referred to as the Abandoned Mine Act), which passed the National Assembly last month, was approved at the Cabinet meeting on the 2nd.

The Abandoned Mine Act was enacted in 1995 to promote the economy of abandoned mine areas that have declined due to the downturn of the coal industry. Under this law, designation of abandoned mine area promotion districts, licensing of casino businesses accessible to domestic residents (Kangwon Land), establishment and operation of the Abandoned Mine Area Development Fund (Abandoned Mine Fund), and alternative industry loan projects are being implemented.

According to the approval of the amendment to the Abandoned Mine Act, the application period of the law for stable support of abandoned mine areas has been extended by 20 years, from the original December 31, 2025, to December 31, 2045.

The payment criteria for the Abandoned Mine Area Development Fund have also changed from profit-based to sales-based. Previously, 25% of the profits generated from related businesses such as Kangwon Land's casino and hotel operations will now be changed to 13% of the total sales generated from the casino business.