The introduction of competition into the casino market in Korea has led to a boom in revenues and attendance, it has been reported.

 

Last year the number of foreign visitors to Seoul casinos more than doubled to 700,000 from 330,000 in 2005, reports the Chosun Ilbo newspaper.

 

Prior to 2006 the Paradise Walkerhill Casino had dominated the city’s gambling industry for almost 40 years, but the monopoly was ended last year.

 

The move has strong parallels with a similar introduction of competition into Macau, which also ended 40 years of monopolistic interest in 2002.

 

“The growth rate of Seoul’s casino market for foreigners hovered at 4.2 per cent between 2002 and 2005. But since the market opened to competition, the figure is expected to soar to 16.8% on average for the next three years,” said Shinyoung Securities analyst Han Seung-ho, speaking to the newspaper.

 

Last week South Korean authorities introduced a new law requiring casino owners to report any financial irregularities to the government.

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