By Han Eun-jung
Staff Reporter
After a 10-year lull, three new foreigner-only casinos will open in an effort to meet the needs of the increasing number of tourists, to promote the flourishing tourism industry and create new jobs, a top government official said Friday. Of the three casinos, two will be established in Seoul, and the remaining one in Pusan.
The government expects the new casinos to rake in $1.5 billion annually, Minister of Culture and Tourism Chung Dong-chae said in a press briefing held at the ministry in Seoul.
The soon-to-be open casinos, like the 13 currently in business, will serve only foreigners. Currently, only Kangwon Land is open to locals.
A whopping 85 percent of in-bound tourists visit Seoul per year, while 20 percent visit Pusan, according to statistics available at the ministry.
A total of 17 venues _ 16 five-star hotels and one international conference center _ are eligible to place bids, which should be made by late November, for the two casinos up for grabs in Seoul. The casino to open in Pusan will be chosen from among the existing six five-star hotels and one conference center located in the southern port city.
The three casinos are scheduled to open sometime in the latter half of 2005.
The ministry has placed the project in the hands of state-run Korea National Tourism Organization to avoid any suspicions liable to generate in the process of granting licenses to private businesses to open casinos and to insure transparency. Profits will go to projects that the general public will benefit from.
This move may be one that will give the local industry more competitive power. More and more East Asian countries are reviewing their anti-gambling laws and considering the opening of casinos. Sensing the potential of the Asian casino industry foreign gaming giants such as MGM-Mirage, Caesars Entertainment, Casinos Austria International and Genting Berhad have been showing eagerness to lay their own chips down on the table in recent years, industry sources said.
ejh09@koreatimes.co.kr
