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Seoul Recreational Resort to Attract More Gambling Family Visits

The nation's only casino open to South Korean gamblers is the Kangwon Land Co.. Kangwon Land Co. said Monday it plans to diversify its earning base from casino operations to become a more comprehensive recreational resort to attract more domestic and foreign visitors.

This transformation by the state-run casino is needed to reflect growing demand for family-oriented leisure activities and a decline in profits gambling revenue. Cho Ki-song, president of Kangwon Land said. He said, "Our casino business, which accounted for roughly 90 percent of our entire profit of 300 billion won (US$313 million) in 2005, is expected to fall off this year."

Kangwon Land Co was established in October 2000 to help alleviate the drop in jobs and boost living standards in the coal mining region of Gangwon Province, is forecast to see its profit fall to around 270 billion won by year's end.

The resort will open ski slopes in early December, as part to efforts to diversify its operation, a measure to woo more foreigner tourists from Southeast Asian countries and China.

The top executive said: "Efforts are underway to offer affordable tourist packages to winter visitors from places like Hong Kong, Taiwan and China, who have been drawn to South Korea's ski resorts in the past."

In addition to the already opened golf course in July it is expected to make it into a year-round tourist attraction.

Due to a remote location the resort located in the mountainous Jongseon, about four-hour drive from Seoul, the Korea Railroad Corp. This cooperation was influenced by the three most successful ski resort in Japan. Cho said the train will literally stop right at the foot of the ski slopes, ensuring comfortable and easy access for visitors even in the worst of weather. He added that efforts are being made to organize a similar service linking the resort to Busan, South Korea's second-largest city.

The expansion of the casino is like giving a free therapy to people suffering gambling problems. Kangwon Land said that while it is the only legal gambling center in the country open to South Korean nationals, the illegal gambling market was estimated to be worth 27 trillion won last year. The total number of experts at the office in southern Seoul that opened in September 2001 will be increased to 13 from five, plans to build up a database on the nature of compulsive gambling.

Casinos accounted for a little fewer than 1 trillion won of the legalized gambling market last year, legal gambling, including horse racing and lotteries, reached 11 trillion won in terms of total sales. Horse racing, regulated by the agriculture ministry, accounted for 5 million won, followed by lotteries at 3 trillion won.

 

Monday, 24. 2006
Gerald Kernighan