Casinos in Republic of Korea

Introduction

In this review, we’ll look at the past, present, and future of gambling in South Korea.

It’s a young country with ancient roots and it represents the cutting edge of presenting gambling opportunities while affording its citizens consumer protections that some would say are far too extreme. We’ll look at the casino landscape from traditional casinos to the newer INSPIRE Mohegan Resort that provides a grand casino component comprising only 20% of the entire entertainment offering.

…we’ll commence with

A more proper introduction to the country

The Republic of Korea is most commonly known as South Korea, the democratic part of a severed society that thrives today with innovation, education, economy, and a focus on culture. It is located in East Asia, making up the southern part of the Korean Peninsula. A broader view shows that it is bordered by North Korea, China further to the northwest and due west across the Yellow Sea, and Japan to the southeast across the Korea Strait.

The country and its people are well known for its rich cultural heritage, technological advancements, and thriving cities. Its capital, Seoul, is a vibrant metropolis that melds modern skyscrapers with historical sites. South Korea is also famous for its cuisine, K-pop, and scenic landscapes running the gamut from mountainous regions to coastal areas. About 70% of the country lies on mountainous or hilly terrain.

Gambling in South Korea

While South Korea is known for its cultural exports such as K-Pop and tech innovations such as the first smartphone with a curved screen, the first worldwide launch of 5G cell phones, and even the first nano-scale 3D printing pen, it is also seen rising in global awareness as a top destination for gambling.

 The country has a unique approach to gambling - while being a mostly restricted activity for denizens, multiple opportunities are presented to foreigners and those who hold foreign passports.

…a bit of history

The history of gambling in South Korea is a little complex. Traditional gambling pastimes like card games and sports betting activities, have been part of Korean culture for centuries. However, it wasn’t until the 20th century that modern gambling regulations began to shape the legal and market landscape. The first legal casino, Casino Walkerhill, opened in 1968 in Seoul marking the beginning of South Korea’s journey into the world of regulated gambling.

Over the years, the government has exercised nearly draconian control over the local population's legal gambling opportunities to maintain public order and protect citizens from gambling addiction while at the same time allowing the industry to flourish as long as gaming venues only serve foreigners.

A place for citizens to play…

Adding to the mix is a singular resort, far away from the cities in remote mining country, that caters to citizens and their desire to experience casino gambling like others in the world’s gambling countries do. Kangwon Land has welcomed tens of millions of local denizens since October 2000.

Legislation and Jurisdiction

Gambling is tightly regulated by the government. The Ministry of Culture, Sports, and Tourism oversees casino operations and ensures they adhere to the country's strict guidelines.

There are 17 licensed casinos in South Korea, but only one, Kangwon Land, is open to citizens. Other casinos are exclusively for foreign tourists, creating a unique dynamic in the country's gambling industry that doesn’t seem to make much sense on the surface to those who are outside looking in but has tended to accomplish the government’s goals over time.

Kangwon Land is located in a remote mountainous area otherwise mostly known for its mining economy. It is the only casino where locals who also don’t hold a foreign passport are free to gamble. The region was struggling economically around the turn of the century and in 2000 the resort was established as part of a government initiative to revitalize the local economy.

Knowing that, it's not so surprising that the company that owns the casino also develops abandoned mines. Extracting wealth from the earth or through the house edge seems to go hand in hand here. Despite the isolated location, it is one of the most profitable casinos in the country.

Outdated venue..?

However, locals and others who visit the property have complained in recent years about the site being out of date if not run down and the venue has suffered a decline in visits with customers, both foreign and domestic choosing the entertainment options if not gambling opportunities at two swashbuckling new venues - Paradise City and Mohegan Inspire Entertainment Resort. INSPIRE is operated by Mohegan Gaming & Entertainment and is located near Korea’s gateway Incheon International Airport.

Falling from grace in the eyes of consumers by contrast, Kangwon Land has committed to investing nearly $2 billion to revamp its offering by 2032. Japan, the county’s closest neighbor with a market economy, plans to see over $8 billion invested to open a massive integrated resort casino complex in Osaka by 2029.

More well-heeled locals are bound to gravitate towards a world-class offering rather than play in a stodgy old and familiar environment unless they are kept attracted to the local venue with modernization and increased incentives.

Popular Casino Venues

South Korea offers a variety of luxurious and entertaining casinos that cater primarily to international visitors. Some of the most notable venues include:

1. Grand Walkerhill Seoul

Located in the heart of the capital city, this foreigner-only venue offers a sophisticated and storied gambling experience with a wide range of table games and slot machines. It is part of the Grand Walkerhill Seoul Hotel and provides visitors with luxury accommodations and stunning views of the Han River.

2. Paradise City

Located near Incheon International Airport, Paradise City is a sprawling integrated resort that offers a wide range of entertainment options, including a casino, hotels, shopping, and dining. It was the country's first integrated casino resort and is one of the largest and most modern casinos in South Korea, attracting visitors from all over the world.

3. Jeju Shinhwa World Marriot Resort

Situated on Jeju Island, a popular tourist destination, Jeju Shinhwa World is another major integrated resort. Look for a casino, theme parks, hotels, and various leisure facilities. Shinwa World is a prime destination for tourists seeking both gambling and recreational activities.

4. INSPIRE Entertainment Resort

This South Korean resort boasts the largest casino floor in the country and offers a combination of resort facilities, entertainment features, and high-quality hospitality services. INSPIRE comprises three distinctive hotel towers with nearly 1,300 hotel rooms combined. Entertainment seekers will find South Korea's pioneering multi-purpose arena here with 15,000 seats, an indoor water park under a glass dome, modern MICE facilities including the largest ballroom in the country, an outdoor entertainment park accommodating up to 30,000 people, a forerunner-only casino, a 150-meter-long digital entertainment street, and commercial facilities that merge shopping, dining, and entertainment.

Future Developments

One of the most anticipated developments in South Korea's gambling scene is the phased-in completion of INSPIRE near Incheon International Airport. The Mohegan Tribe of America previously developed one of the biggest casinos in the world, Mohegan Sun in Uncasville, Connecticut.

INSPIRE aims to attract even more international visitors at full build-out with its state-of-the-art facilities, luxurious accommodations, and world-class entertainment options. This property received the first commercial casino license in South Korea in 19 years and no other major projects aside from the Kangwon Land renovation are currently seen on the horizon

Conclusion

South Korea offers a unique and exciting gambling experience, with enough options to blend the traditional culture with modern entertainment. However, once you’ve explored all the country has to offer when Kangwon Land is revamped and INSPIRE reaches full capacity, we don’t expect to see much new growth for some time to come. With that being said, whether you seek the quiet luxury of a long-established venue such as Walkerhill, or the thrill of K-Pop along with 15,000 other fans, the Republic of Korea has something to offer every gambler.