Ministry of Culture, Sports and Tourism Approves Casino Business Change
Number of Gaming Machines Increased from 1,560 to 1,860
Kangwon Land has been allowed to expand its casino gaming floor area by 5,748㎡ (approximately 1,700 pyeong) from the existing size. The betting limit in the foreigner-only area will also increase to a maximum of 300 million KRW.
On the 5th, Kangwon Land announced that it received notification of a casino business modification permit containing these details from the Ministry of Culture, Sports and Tourism. Accordingly, the general casino gaming floor area can be changed from the current 14,513㎡ (approximately 4,390 pyeong) to 20,261㎡ (approximately 6,129 pyeong) in the future. The total number of gaming devices and tables will increase from 200 to 250 tables, and from 1,360 to 1,610 machines, expanding the total from 1,560 to 1,860 units.
The eligibility for using the foreigner-only zone will be expanded from foreigners (citizens) to foreigners (citizens) and permanent residents. The betting limit in the foreigner-only zone will change from the current maximum of 300,000 KRW to a maximum of 300 million KRW. Kangwon Land is the only casino in Korea accessible to both domestic and foreign customers. Until now, the betting limit for foreigners was at the same level as for domestic customers, which made it difficult to attract customers. By increasing this limit about 1,000 times to a level similar to other foreigner-only casino operators, it is expected to revitalize business operations.
Kangwon Land stated, "The number of gaming devices may be adjusted considering the casino business environment at the time of completion of the gaming floor expansion." They added, "The completion date of the expansion is not yet determined, and once the schedule is finalized, it will be announced." Furthermore, they noted, "The change in the betting limit for the foreigner-only zone requires an amendment to the Enforcement Rules of the Tourism Promotion Act. There is a possibility of changes during the legislative amendment process, and the timing of applying this change to operations is undecided."
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