The annual turnover of South Korean online casinos for foreigners in 2018 increased slightly. According to the National Gambling Control Commission (NGCC), the industry segment generated $1.38 billion.
Online and regular gambling establishments for foreigners, located in South Korea, noted an improvement in performance in 2018. The turnover of these types of casino was 7.26% of the total turnover of the gambling games industry in the country.
According to the gambling regulator, 16 casinos represented in the segment received 2.8 million visitors last year. In 2017, the figure was recorded at 2.2 million guests.
Despite the overall positive development of the industry, the casino, which is allowed to serve the locals, could not boast of positive results. The turnover of Kangwon Land Casino (KLC) fell to $ 1.18 billion compared with 2017 of $ 1.29 billion. The negative dynamics is associated with a reduction in the number of visitors. In 2018, the figure fell from 3.12 million (2017) to 2.85 million.
Not the last role in the negative development of the casino operator was played by the government’s demand to curb the company’s activity. Since April 2018, a gambling establishment has reduced the work schedule and the number of gaming tables from 180 to 160 units. As a result, casino revenue fell in the fourth quarter of 2018 by 75.8%, amounting to $ 16.9 million.
Despite some difficulties, the operator stated a decline in sales by 0.3% with an increase in net profit by 13.3%.
The gambling regulator does not comment on fluctuations in the gambling market. However, experts believe that the main reason is that in 2017 the state used an anti-aircraft missile system, the supplier of which was the United States. In response, the PRC government restricted the ability of its own citizens to visit South Korea.