South Korea sees major rise in casino take

South Korea sees major rise in casino take

Monday, June 27, 2016 Totally Gaming
Tax rake grew thanks to an increase in sales

A spike in sales has led to significant growth in casino and overall tax revenues in South Korea.

According to the National Gambling Control Commission, tax revenues in the country grew year-on-year by four per cent to 2.4tn won (€1.9bn/$2.1bn) during 2015. The body reported that overall sales rose by three per cent to 20.5 trillion won.

Tax revenue from casinos grew by 12 per cent to 478.8bn won, while that from horse race betting edged up 1.6 per cent to 1.45tn won. Taxes collected from betting on bicycle racing rose five per cent, with those from bullfights soaring more than 300 per cent.

Despite the growth of casino gambling, Bloomberry Resorts said last week that it is considering selling its recently acquired casino on South Korea’s Jeju island. Bloomberry’s Q1 report said the Jeju Sun Hotel & Casino generated gaming revenue of $500,000 in Q1 2016 while recording a net loss of $4.3m. Bloomberry claimed the property was still “in the process of ramping up its gaming business” after last year’s refurbishment.

TotallyGaming.com says: “Revenues may increase further this year as the government has announced a series of tax increases on betting on all forms of racing.”

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