In July, the South Korean government approved the development of the country's FEZs. The government expects eight zones to exist within the border by 2022. The new casino will be part of the upcoming FEZs. The spokesman said the government is currently accepting bids from "qualified" applicants to set up stores in eight FEZs. He also pointed out that existing FEZ rules and regulations are now being updated and improved.

 

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In July, the South Korean government approved the development of the country's FEZs. The government expects eight zones to exist within the border by 2022. The new casino will be part of the upcoming FEZs. The spokesman said the government is currently accepting bids from "qualified" applicants to set up stores in eight FEZs. He also pointed out that existing FEZ rules and regulations are now being updated and improved.

 

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Korea's FEZ Intention

 

South Korea's developing website dedicated to Busan-Jinhae fez, Daegu and North Gyeongsang Province, Chungbuk, Korea, East Sea coast, Incheon, Saemangeum - Kunsan, Incheon, Korea and the Yellow Sea region. Kim Sung-jin, head of the FEZ secretariat, invites companies to use Korea's location in Northeast Asia as a business hub and a place for financial investment. Sungjin promises not to disappoint businessmen and women who have decided to invest money in the region.

 

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Indeterminate Applicant

 

The guidelines that companies can apply for as part of their FEZs have been somewhat unclear in the past. In June, the two casino companies accepted Sungjin's invitation to investors. The companies were the world-famous American Caesars Entertainment and Japan's Universal Entertainment. Both companies were successful in other parts of the world, but were rejected by Korean officials for undisclosed reasons.

 

 

 

rumor of rejection

 

Casesars and Universal both wanted to build casinos in their existing FEZs near the capital city of Incheon. Rumors have it that Caesar’s $4.7 billion debt has shaken South Korea’s decision on the U.S. company. After the rejection, Caesar unveiled a new plan to ease his debt by selling bonds and lending them.

 

 

 

Criminal charges against Kazuo Okada, the founder of Japan's Universal, are also rumored to have been suspended by South Korean decision makers.

 

 

 

New FEZ Application Procedure

 

In order to avoid a repeat of last June’s inconvenient Caesar and universal rejection, the application process included a pre-examination phase, which could exclude less desirable operators from the list."

 

 

 

To spur the country's financial growth, the government also plans to offer tax incentives to international investors.

 

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Still Gambling on Koreans

 

Although the casino industry seems to be growing in Korea, citizens are banned from paying by chance with the exception of one of the 17 gambling houses. In fact, casinos to be built in the FEZs should be designed for tourists, not native.

 

 

 

According to Kim Jin-gon, the reason why gambling was banned in South Korea was because the national tourism director stood in a huge line. Koreans do not have a "mature culture" where gambling is available only for leisure. Jengon said the government "is deliberately" blocking residents with casino gambling because the fallout is so great.

 

 

 

Famous TV host involved in illegal gambling

 

The fact that Kim Yong-man’s gambling is not a legal option for most national residents does not mean that they are not gambling. The illegal sports betting epidemic in Korea in March 2013 gave Kim Yong-man a face as the famous TV host Kim Yong-man resigned from the organizers due to legal issues. Yong-Man was charged with betting hundreds of thousands of dollars on various sports, including British soccer and horse racing.

 

 

 

Two other celebrities have problems, too.

 

Two other celebrities were charged in early 2013 as a result of the stinging work that halted the illegal sports betting ring. Lee Soo-geun and Tak Jae-hoon, both TV personalities, adjust about $938,000 for illegal online sports betting. Indeed, due to the ban on gambling on all but one of the nation's casinos, the underground sports betting industry is considered a multimillion-dollar enterprise that appeals to wealthy Koreans, including celebrities (read this post).

 

 

 

a gambling ring

 

Last spring, the government announced that it would crack down on illegal sports betting before eliminating links related to Lee Soo-keun and Tak Jae-hoon. An illegal online sports gambling class involved at least 23 suspects. The defendant believes he launched more than 200 sports betting sites in 2011, many of which were advertised on sports sites, not gambling.

 

 

 

Where Koreans can gamble legally

 

With the Gangwon Land Resort in Korea, Koreans can gamble. The resort is located on a mountain about three hours from Seoul, but locals can arrive within half an hour by "total taxi." About 10,000 users visit Kangwon Land every day. In 2011, the large customer base generated about a billion dollars in revenue. The figure was larger than the 2011 income of all other casinos in Korea.

 

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Kangwon Land Casino Resort

 

 

 

The resort has been vaguely placed on the mountain to prevent people from visiting very often. Bullet taxis helped overcome the obstacles, but they proved the old saying, "Where you are willing, there is a way."

 

 

 

The government restricts individuals to 15 days of gambling a month, and each guest's ID card must be checked in and out. The maximum amount the public can bet is $280 per bet. Nevertheless, Koreans can see that a visit to Gangwon meets a need that cannot be legally fulfilled elsewhere.

 

 

 

Kangwon Land is very crowded. One day, Kangwon Land has about five gamblers for each chair. In many countries around the world, this overcrowding will signal government officials to open more gambling facilities to the public. But Korea still sticks to its fruition and Kangwon Land is the only legal casino for Koreans, at least for the time being.

 

 

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