S.Korea casinos tax revenue down 82 pct in 2020
According to data from the National Gambling Commission released on its official website late last month, the South Korean government's revenue from the gaming tax fell 82.4% year-on-year to 81.8 billion won ($70.5 million).
There are currently 17 casinos in Korea, but customers who only have Korean passports can gamble at one of them, Kangwon Land, located 150 kilometers (93 miles) southeast of Seoul in Gangwon Province.
Tax revenues at the facility, run by Kangwon Land, fell 83.3 percent to 59.9 billion won last year, compared to 357.8 billion won in 2019.
The figure was still more than twice as many as the 16 foreigner-only casinos combined. In 2020, the Korean government's tax revenue from playing games at these casinos fell 79.7 percent year-on-year to W21.9 billion.
Kangwon Land alone accounts for 14.8% of the national gambling tax revenue in 2020.
Casinos in Korea also have to donate to many funds. In 2020, those donations totaled W322.6 million. Kangwon Land paid out a total of W268.7 billion in fund donations, down 8.2 percent from the previous year; foreign-only casinos paid out a total of W53.9 million, down 60.7 percent from the total paid in the previous year.
Overall revenue from gaming in 2020 fell 82.9% year-on-year to 404 billion won. This compares to 2.36 trillion won in 2019.
Korea's gambling industry is defined in national figures as including casinos and lotteries, as well as horse racing, cycling, boat racing, and local version bullfighting, where two animals are head-to-head.
The largest single share contribution to Korea's gambling tax revenue was by far the horse racing sector, which accounted for 62.8%, or just over 253.7 trillion won.
Due to COVID-19 response measures, South Korean casinos faced capacity restrictions (a period of temporary closure) in early 2020 as the impact of the pandemic began to be felt in the country.
The number of casino visits in South Korea fell 71.3% year-on-year to 1,760,232 in 2020, according to data from the Ministry of Culture, Sports and Tourism released in May.
Gambling cash turnover in the domestic casino market fell 64.5 percent to 1.4 trillion won in 2020 from the previous year, according to data from the Ministry of Land, Infrastructure and Transport.
BY: 바카라사이트
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