New Casino Coming to Jeju Island in South Korea
South Korea is all set to welcome a new casino. The Governor of South Korea has officially granted a license to New Silkroad Culturaltainment to open up a casino resort. The new casino coming to Jeju Island represents a major step up for South Korea’s casino industry.
Fans of casino gambling in the country are excited. Competition in the gambling business is at an all-time high here. Will Silkroad’s new casino manage to make it in this market?
Gambling Expansion in South Korea
South Korea is one of the most economically successful countries in Asia. Unfortunately, government officials here have taken a mostly anti-gambling stance throughout the years. Most forms of gambling in the country were completely prohibited until the mid-1960s. That year, lawmakers began allowing hotels to offer casino games to foreigners.
South Koreans have very little options to legally gamble inside the country. To this day, only one casino inside South Korea will accept locals. Unsurprisingly, the one casino offering games to Korean citizens earns the vast majority of revenue in the country.
There are more than 20 casinos currently operating inside this country. South Korea is working to attract more tourists specifically to its gambling industry. It makes sense, as more Asian countries are working to do the same.
Despite an increase in casino expansion around the country, officials in South Korea have still been extremely strict on any online gambling activities. The country has not granted any licenses for companies to offer internet gambling services in the country. Despite this, many South Koreans still choose to make online bets through different online gambling sites in Europe.
Gambling in South Korea is growing. It may not be long before the government begins offering more options to citizens in the country. What will the new casino coming to Jeju island be offering?
Details of the New Casino Coming to Jeju Island
The New Silkroad can soon develop the Glorious Hill casino resort on Jeju Island. The casino resort will actually be constructed by a New Silkroad subsidiary called Macrolink Glorious Hill.
Silkroad is established in the South Korean casino industry. They currently operate the MegaLuck Casino in Jeju, which has been growing steadily over the past few years.
Silkroad operates a very successful wine sales and distribution company in China. This has helped them to attract many Chinese VIP gamblers to its casino in South Korea. As we’ve been seeing more lately, Chinese VIP’s play a massive role in the success of a land-based casino.
The ability to bring in high-rollers is likely a reason why New Silkroad has been granted permission to construct a new casino. The company has also brought in Melco International Development to help facilitate the new casino plans. Melco currently operates casinos in both Macau and Manilla.
It’s unfortunate that the new casino coming to Jeju Island will not be open to Korean citizens. All reports indicate that this resort will only be available to foreigners. As we mentioned earlier, this could change in the future.
Competition Rising in Asia’s Gambling Industry
South Korea isn’t the only nation working to improve and expand their casino industry. Today, many different countries in Asia are actively working to begin opening up their gambling markets. Japan, most notably, has recently passed legislation to allow casinos in four different cities.
The Philippines’ gambling market has been growing considerably over the years. They continue to bring in VIP gamblers from China and are one of the hottest new casino markets in the world. Even Vietnam is beginning to allow new forms of gambling that had been previously banned.
There’s no doubt that South Korea has some stiff competition. Because they rely primarily on foreign gamblers, the competition is even higher.
Make sure to stay tuned for updates on the situation. If the new casino coming to Jeju Island begins opening to the local Korean market, we’ll be discussing it. Let us know if you think South Korea’s gambling industry will open more this year in the comment section below!
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