South Korea Sees 34 Applicants For Casino LicensesCountry To Pick Two From List Of Investors |
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With Macau in steep decline due to tighter control from mainland China, other countries in the region are looking to take advantage of a demand for VIP gambling.
According to Forbes, local media In South Korea have reported that 34 groups have applied to operate a casino in the country. South Korean law says that locals can’t gamble, though.
The Ministry of Culture, Sports and Tourism set a June 30 deadline for the applications.
One of the groups is Mohegan Sun, which signaled its interest earlier this year.
A minimum investment of $890 million would be needed to get the OK to build.
The reason why casino firms see South Korea as a great place to build as Macau declines? Chinese tourist arrivals to South Korea grew 42 percent last year to 6.1 million, according to Forbes.
Another country considering legalizing casinos is Japan. Forbes reported that “many experts think Korea will only open up its casinos to its own citizens if Japan legalizes casinos.”
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