The Korea
Taxpayers Association analyzed records from the National Gambling Control
Commission and found that the government collected approximately US$ 27.55
billion in taxes and made US$ 27.01 billion won in profit in the 2000-2015
period, it said.
Horseracing
brought in the biggest portion, 37.5 %, followed by the lottery (25.4 %) and
casinos (12.3 %), the Yonhap news agency reported
The
government directly manages casinos, horseracing, track cycling, boat racing,
the lottery, sports betting and bull fighting. Multiple taxes, including
leisure, regional education and agricultural tariffs, are levied on all of the
games, except for the lottery and sports betting, whose proceeds are deposited
into related funds.
Locals are
only permitted to gamble in one of South Korea’s casinos, Kangwon Land. The
others are restricted to foreign visitors and have faced a difficult time, with
tourism revenue plunging in 2015 due to an outbreak of Middle Eastern
Respiratory Syndrome. Efforts to crackdown on marketing in Mainland China have
also harmed customer acquisition.
The
country’s first real IR is scheduled to open later this month in a zone near
the Incheon international airport. The property is a joint venture between
Paradise Co. and Japan’s Sega Sammy.
Source: GMB / AG Brief