President Lee Jae-myung has suggested that it may be more appropriate for casinos to be publicly owned.
South Korea.- It’s emerged that president Lee Jae-myung has questioned the licensing of privately owned casinos in South Korea. As reported by ChosunBiz, the president, who entered office in June, raised trhe issue during a policy briefing with the Ministry of Culture, Sports and Tourism (MCST) and other government bodies.
Lee described the granting of private casino licences as a “significant favour”, arguing that casinos generate substantial profits and that rights may be more suitably held by the public sector. He asked why licences are granted to specific companies or individuals, and encouraged the MCST to consider this in future policy decisions.
The remarks were made in dialogue with Yoon Doo-hyun, chief executive of Grand Korea Leisure (GKL), a state-controlled operator of foreigner-only casinos. Lee also raised concerns related to gambling addiction, requesting statistical evidence on whether gambling-related harm is increasing or decreasing. As such figures were not available during the briefing, he instructed the presidential office to look into the issue, stressing a desire to assess social impacts alongside economic outcomes.
Lee also heard from Kangwon Land, the country’s only casino permitted to serve local players. The operator outlined its K-HIT 1.0 reinvestment programme and asked for a relaxation of regulations, including a removal of limits on annual visits and operating hours, permission to expand gaming space and an increase in the maximum bet limit.
Lee saw the expansion plan as risky and said it would require careful review, while reiterating that gambling policy must balance economic benefits with social considerations.
The president’s statements had an immediate impact on the market. Shares of Paradise Co Ltd and Lotte Tour Development Co Ltd, both private operators of foreigner-only casinos, fell in Wednesday trading following the comments while shares of state-linked operators Kangwon Land Inc and Grand Korea Leisure rose slightly.
President Lee Jae-myung has suggested that it may be more appropriate for casinos to be publicly owned. South Korea.- It’s emerged that president Lee Jae-myung has questioned the licensing of…
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