Inside Asian Gaming

INSIDE ASIAN GAMING | October 2013 26 S outh Korea says it will reopen bidding to “qualified” operators interested in developing resort casinos in the country’s Free Economic Zones. After rejecting applications a few months back by Las Vegas-based Caesars Entertainment and Kazuo Okada’s Universal Entertainment, the government is taking a fresh look at foreigners-only gaming as a tourism driver, and a framework for regulating them in the FEZs will be unveiled next month, according to the Ministry of Trade, Industry and Energy. In July, the administration of President Park Geun-hye announced a plan to invest a total of 82 trillion won (US$72 billion) to complete the development of eight FEZs by 2022, with a long-term goal of attracting as much as $20 billion in foreign investment. Destination-scale casinos capable of boosting inbound tourism are viewed as an important part of the strategy, and to attract both foreign and domestic developers, the government is prepared to provide a friendly tax and regulatory environment sweetened with other incentives, according to a report in English-language daily The Korea Times . Tourism Driver South Korea plans to solicit bids for destination-scale casinos capable of boosting visitor numbers and standing up to intensifying regional competition South Korea’s foreigners-only casino market generates around US$930 million annually and consists of 16 relatively small casino hotels serving mostly Japanese and Chinese players.