Tourism analysts: South Korea casino industry overdue for an overhaul
Summary
South Korea’s casino sector grew strongly in 2024 — gross gaming revenue reached almost KRW3.23 trillion (US$2.30bn), up 18.3% year-on-year, while foreigner-only casino visitation rose 42.4%.
Industry and tourism leaders warn that momentum could be threatened by rising regional competition, notably Japan’s MGM Osaka integrated resort opening in 2030, expected to attract millions of visitors including several million Koreans.
At a Korea Times roundtable, experts urged a shift to the integrated resort (IR) model — combining hotels, retail, entertainment and conference facilities anchored by gaming — and called for clearer national strategy and governance to raise the sector from tax-focused operations to high-value tourism assets.
Key Points
- South Korea posted KRW3.23 trillion in gross gaming revenue in 2024, an 18.3% increase on 2023.
- Foreigner-only casinos saw a 42.4% rise in visitors in 2024.
- MGM Osaka (opening 2030) could draw 20 million visitors a year and up to 7.6 million Koreans, intensifying regional competition.
- Experts at a Seoul roundtable recommended committing to the IR model to boost tourism and regional growth rather than focusing narrowly on tax receipts and jobs.
- Korean IR-style developments already exist (Paradise City, Jeju Shinhwa World, Inspire Entertainment) and Kangwon Land plans major non-gaming expansion to lift non-gaming revenue.
- Calls for a single, centralised gaming authority to provide unified regulation and strategic leadership, replacing the current dispersed model.
Content summary
The article covers the current upswing in South Korea’s casino revenues and visitor numbers, then pivots to concerns that the country may fall behind as neighbouring markets expand high-end integrated resorts. It summarises views from hospitality and tourism academics and industry figures who argue Korea must formalise an IR policy, invest in non-gaming amenities, and centralise governance to compete with large, multi-facility destinations such as MGM Osaka.
Examples of domestic IR movement are noted — Paradise City, Jeju Shinhwa World and Inspire Entertainment — alongside Kangwon Land’s KRW2.5 trillion plan to expand and diversify. The piece ends with industry groups sending representatives to Osaka to study MGM’s strategy and a call to strengthen Korea’s global standing in integrated resorts.
Context and relevance
The story matters to policymakers, regional planners, investors and hospitality operators. Asia is shifting toward large-scale IRs that leverage gaming as one component of broader tourism ecosystems; Japan’s imminent entry with major resorts could siphon Korean visitors unless Korea clarifies its strategic direction.
For investors and operators, the article signals potential opportunities in non-gaming amenities, conferencing and entertainment, as well as the need to watch regulatory reform — a central authority could change licensing and development dynamics.
Why should I read this?
Short version: if you work in tourism, hospitality or gaming in Asia — or want to invest there — this is worth your five minutes. Korea’s numbers look good now, but the market is shifting fast. The piece explains where Korea is vulnerable (fragmented regulation, legacy tax-led thinking) and where the quick wins are (IR-style projects, non-gaming revenue). We’ve cut the noise so you can see the strategic risks and opportunities straight away.
Source
Source: https://igamingbusiness.com/casino/tourism-analysts-south-korea-casino-industry-overhaul/
