Regulatory storm threatens Korea's integrated resorts
Korea's casino and integrated resort industry is facing a major crisis as the government pushes to increase the maximum tourism development fund levy from 10 percent to 15 percent of total revenue. The regulatory shift comes as major operators are still struggling to recover massive initial investments and manage escalating operational costs following years of market uncertainty. Industry…
South Korea's casino and integrated resort sector is grappling with a significant challenge as the government aims to raise the tourism development fund levy from 10% to 15% of total earnings. This regulatory change arrives at a time when top operators are still grappling with substantial initial investments and increased operational costs due to prolonged market instability.
At a roundtable discussion hosted by The Korea Times on Wednesday, industry leaders and tourism experts warned that the proposed policy adjustments could impede future growth and diminish competitiveness in the market.
The conversation centered on the Ministry of Culture, Sports and Tourism's modification of the Tourism Promotion Act, a proposal that the government had initiated discussions on back in July. Alongside the increased levy, the ministry is proposing a five-year license renewal system and a prior approval process for changes in business ownership.
Proponents of these measures contend that they are essential to align with international standards and to recoup public funds. However, local resort owners argue that such regulations could pose serious risks to the industry's future.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Regulatory storm threatens Korea's integrated resorts koreatimes.co.kr
