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Jeju Island, South Korea: Asia’s Next Casino Gaming Giant?
Globalysis Ltd, Sep 2007, Pages: 9
The report focuses on the prospects for growth in Jeju’s tourism and casino gaming sectors – prospects that changed dramatically with its recent designation as a Free International City.
On July 1, 2006, Jeju Island, South Korea became a Free International City; it now has autonomous control over its own affairs except in the areas of defense and diplomacy. From this point forward, policies regarding taxation, tourism, gaming, and visa requirements will be substantially self-determined by Jeju’s governmental entities rather than the central South Korean government. These policy shifts have potentially enormous implications: Chinese visitors, for instance, would no longer have to endure the visa process currently required for visitation to mainland South Korea.
Mr. Jonathan Galaviz, a Partner with Globalysis Ltd., stated, “We believe that Jeju presents one of the most interesting opportunities in Asia’s tourism market today. If appropriate regulatory structures are established by the new Jeju governmental entities, the global casino gaming industry could have strong interest in enhancing Jeju’s already-impressive tourism offerings. Jeju could eventually provide a tourism value proposition similar to that of Macau and Singapore to foreign tourists”.
There are currently eight casino gaming facilities on Jeju Island, most of which are integrated with hotel and leisure facilities. Currently, on Jeju Island, South Korean nationals are not allowed to participate in casino gaming. Today, the only South Korean casino that allows its nationals to gamble is Kangwong Land, which has been a globally recognized financial success. This status could change, however, with Jeju’s new governmental structure.
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