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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Dec. 4 (Korea Bizwire) -South Korea’s plan to open new casino resorts grabbed the attention of many investors eyeing wealthy Chinese clients at first, but the rush has cooled down significantly due to tough requirements and Beijing’s ongoing corruption crackdown, industry officials said Friday. Seoul received applications for two integrated resorts with foreigner-only casinos [...]
SEOUL, Jul. 2 (Korea Bizwire) — Lotte Group will develop a large resort complex at the North Port of Busan, said a high-ranking representative of the group on July 1. The company has filed a proposal for the development project with the Ministry of Culture, Sports and Tourism, which has received 34 proposals, including Lotte’s, [...]
CHUNCHEON, May 28 (Korea Bizwire) — A major company is planning to develop a government-licensed foreigner-only casino complex on a 4.84 million ㎡ site in Chuncheon and Hongcheon county, where the company is currently developing a resort complex, according to an announcement on May 27. The company, whose name is unknown, will apply for one [...]
JEJU, May 2 (Korea Bizwire) — An increasing number of foreign companies are buying casinos in Jeju, as 4 out of 8 casinos have been taken over or are being taken over by foreign entities in the past year. At the end of 2014, Grand Express Korea, a joint corporation established by Hong Kong-based Landing [...]
SEOUL, Aug. 18 (Korea Bizwire) — Won Hee-ryong, governor of Jeju Special Self-Governing Province, reaffirmed his stance of not allowing the new casino construction plan, embarrassing the ruling party and the administration trying their best to revive the flagging economy by relaxing decades-old regulations and inviting foreign investment. Governor Won, former congressman with the New Frontier [...]