TLDR South Korea’s Ministry of Culture, Sports and Tourism may delay its casino law changes past September. The plan would raise the top tourism fund contribution rate from 10% to 15% of gross gaming revenue. A new five year casino licensing system is also part of the proposed changes. Holidays and a parliamentary audit in October could push the timeline back further. Casino industry groups warn the higher rate could hurt investment and jobs in the sector.
South Korea’s government is working on changes to the country’s casino laws. The plan could now slip past its original September target date.
The Ministry of Culture, Sports and Tourism wants to update the Tourism Promotion Act. This law has not changed in close to 30 years.
One part of the plan would raise the top contribution rate into the Tourism Promotion and Development Fund. The rate would go from 10% up to 15% of annual gross gaming revenue.
This higher rate would not apply to all casino revenue right away. The ministry plans to set a new revenue band, and only money earned above that line would face the 15% rate.
What The New Licensing System Would Change
The second major change is a five year licensing system for casinos. Under this system, operators would need their licenses reviewed and renewed every five years.
The reviews would look at a few key areas. These include whether a casino follows the rules, stays financially stable, and is run with skilled management.
The ministry says this review process is needed to modernize old rules. Officials want the casino sector to match how other countries handle gaming oversight.
Why The Timeline Is Slipping
A few scheduling conflicts are getting in the way of a fast rollout. The Chuseok holiday runs from September