The Korean casino industry plays a vital role in the economic development of the country. It also contributes to the promotion of tourism. However, its negative public perception has been affected by several factors, such as illegal foreign currency transactions and the involvement of the gambling industry in political corruption. In order to counter these factors, the industry has stepped up its efforts to dispel the negative perceptions.
Integrated casino resorts are becoming a trend in Asia. These resorts offer a casino in a sustainable format to promote the tourism industry and to attract foreign capital. Although these resorts are attracting interest, they face some challenges.
Some of the difficulties of entering the Korean gaming market include a lack of adequate research on integrated casino resorts. A joint venture between a foreigner and a local partner is one way to enter the Korean gaming market. This allows companies to better understand the host country’s cultural and political environment.
Another key challenge is the Korean government’s strict policy on foreign currency transactions. In a bid to limit the number of high-risk customers, the National Assembly requested that the number of casino days be reduced to less than 100 days per year.
While the Korean government has not taken any major steps to reform the gambling industry, it has been making efforts to minimize the negative perceptions associated with gambling. One of these efforts is the opening of the Kangwon Land Casino to both local and foreign players.