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Government Earned 62.5 Trillion Won through Gambling Industry

Government Earned 62.5 Trillion Won through Gambling Industry

SEOUL, April 12 (Korea Bizwire) – The government earned 62.5 trillion won (US$54.56 billion) from the gambling industry over the past 15 years, about half of it through taxes, data showed Wednesday.  The Korea Taxpayers Association analyzed records from the National Gambling Control Commission and found that the government collected approximately 31.55 trillion won in [...]

Korea’s Most Lucrative Casino Breeds Gambling Addicts

Korea’s Most Lucrative Casino Breeds Gambling Addicts

SEOUL, Sept. 30 (Korea Bizwire) – Gangwon Province’s Kangwon Land entertainment resort houses the only casino in Korea open to locals.  The resort was established as part of a government plan to revitalize the dwindling economy in what was once a coal-mining area, following the restructuring of the coal industry in 1989.  The casino opened [...]

New Saemangeum Casino Sparks Controversy, Opposition

New Saemangeum Casino Sparks Controversy, Opposition

YEONGWOL, South Korea, Sept. 2 (Korea Bizwire) – With the Korean government’s strict regulations on gambling, the Kangwon Land Casino is currently the only gambling establishment open to locals, but this may change with new progress in the Saemangeum development project.  The project took off in 1991 as a 30-year plan to develop the region [...]

Watchdog Urges Gov’t to Draw up Plans for Gambling Addicts

Watchdog Urges Gov’t to Draw up Plans for Gambling Addicts

SEOUL, July 26 (Korea Bizwire) – South Korea’s state auditor said Tuesday the government should roll out tighter plans to prevent gambling addiction, adding that a large number of addicts are being observed at Kangwon Land Casino, the nation’s only casino open to locals, owned by High1 Resort.  According to the study conducted by the [...]

Protesters in Taebaek Cry for the Right to Survive

Protesters in Taebaek Cry for the Right to Survive

SEOUL, July 15 (Korea Bizwire) – “This is a city that was built on our sacrifices, and we won’t let poverty become the legacy for our children,” cried 53-year-old Bae Jeong-deok, reading a letter to the South Korean president during a protest held in Taebaek on Thursday.  Taebaek is a city in Gangwon Province on [...]

Kangwon Land: Madness behind the Beauty

Kangwon Land: Madness behind the Beauty

JEONGSEON, May 10 (Korea Bizwire) – While coal mining boomed in Korea in the 1970s, with the decline in international oil prices and rapid changes in energy consumption patterns, demand decreased drastically. In the 1980s, the coal mining industry was quickly fading away.  The Korean government started restructuring the coal industry in 1989. As a [...]

S. Korea Gives Casino License to Mohegan-KCC Consortium

S. Korea Gives Casino License to Mohegan-KCC Consortium

SEOUL, Feb. 26 (Korea Bizwire) – South Korea selected a consortium led by U.S. casino operator Mohegan Sun as the winner of an integrated resort project, the tourism ministry said Friday, allowing one more casino on the western gateway island of Yeongjong. Mohegan’s bid with South Korean chemicals maker KCC Corp. envisions US$1.6 billion investment [...]

First Foreigners Only Casino Hotel in Korea Withdraws Decision to Close

First Foreigners Only Casino Hotel in Korea Withdraws Decision to Close

INCHEON, Dec.29 (Korea Bizwire) – The ‘Paradise Hotel Incheon’ which hosted the first foreigners only casino in the 1960s, decided to withdraw their announcement that they had made to close after 50 years of business. According to Paradise hotel officials, the hotel made a final decision to change their plan of closing into a plan [...]