Casino Association Demands Full Review of 15% Fund Cap, 5-Year Renewal License
The Korea Casino Association opposes raising the Tourism Promotion and Development Fund payment ceiling to 15% and introducing a five-year renewal license system, citing financial burdens and management uncertainty.Summary
The Korea Casino Association has formally opposed the Ministry of Culture, Sports and Tourism's proposals to raise the Tourism Promotion and Development Fund payment ceiling from 10% to 15% and introduce a five-year renewal license system for the casino business. The association argues that the increased financial burden, which is calculated based on sales rather than operating profit, could threaten the survival of operators and employment, especially given that many operators have recorded losses over the past decade. Furthermore, the association contends that the renewal license system would undermine the legitimate trust and property rights of existing operators, who have operated under a continuous licensing system since 1994. They also emphasize that the unique nature of Korea's foreigner-only casinos warrants a different regulatory approach compared to domestic or overseas markets. The association warns that these regulatory changes could reduce the competitiveness of domestic operators in the face of intensifying competition in the Asian market, particularly as Japan plans to open a large integrated resort casino in 2030. The ministry, however, has clarified that the burden rate is subject to future amendment through consultation with the industry and experts.
(Source：서울경제)