The figures include revenues from Gangwon Land, cycle racing, horse racing, boat racing and sports promotion voting right system, or Sports Toto.
The nation’s casinos reported revenues of US$ 24.21 million, while foreigners-only casinos contributed US$ 1.04 million. State-run Gangwon Land reported US$ 1.47 million in sales.
"Due to economic depression, people tend to dream of making a fortune at one stroke,” Kwak Geum-joo, a psychology professor at Seoul National University, told Yonhap news agency. "It is necessary to boost social mobility in order to reduce such sentiments.”
South Korea currently has 17 casinos, but the country’s nationals are only allowed to gamble at one of them—Gangwon Land, located 150 kilometres southeast of Seoul in Kangwon province.
By April, South Korea’s casino sector will get additional boosts with the opening of Paradise City. Jointly-owned casino operator Paradise Co Ltd and Japanese pachinko operator Sega Sammy Holdings Inc, Paradise City is said to be the first large-scale, foreigner-only gaming resort in the country.
