Tourism experts are advocating for South Korea to create a regulatory organization to oversee the gambling sector and ensure the sustainable growth of integrated resorts featuring casinos.
This recommendation emerged during a recent panel discussion at The Korea Times Global Business Club, which focused on “Korean-Style Integrated Resorts and Future Strategic Directions.”
Moderated by Seo Won-seok, a professor at Kyung Hee University, the event brought together scholars, industry leaders, and government officials to discuss the future of integrated resorts in Korea, along with the necessity of a regulatory framework for gambling activities.
Experts emphasized that a dedicated regulatory body is essential not only to address public concerns over gambling but also to combat issues like gambling addiction. Professor Lee Jae-seok from Gangneung-Wonju National University highlighted the importance of education in raising awareness about gambling risks from an early age, drawing parallels with successful prevention campaigns in Macau.
Park Jun-hwi, vice president of the Korean Institute of Criminology and Justice, pointed out that the legal gambling sectors, including casinos, do not satisfy the public’s demand, leading to a surge in illegal gambling, especially online, which has grown significantly during the COVID-19 pandemic.
Seo Yong-seok from the National Gambling Control Commission outlined the potential functions of a regulatory body, referencing Singapore’s Gambling Regulatory Authority as a model. He noted that regulators should promote responsible gambling while also highlighting the positive economic impacts of casinos.
Meanwhile, Lee Jin-kyung, a member of the Jeju Casino Regulatory Commission, stated that effective regulation involves ongoing communication with the local community to ensure that the casino industry develops in a way that benefits the public.
Panelists also discussed the increasing competition in Asia for integrated resort development. Jeong Kwang-min from the Korea Culture and Tourism Institute emphasized that Korea should adopt a comprehensive approach to planning its integrated resorts, taking cues from Japan’s extensive preparatory work for its first integrated resort.
Industry leaders like Kim Young-moon, CEO of Mayfield Hotel Seoul, argued that integrated resorts should serve as iconic destinations to attract visitors, necessitating focused research and training in Korean-style resort development.
Julie Heo, general counsel for Inspire Entertainment Resort, highlighted the need for diverse entertainment options beyond gambling to appeal to a broader audience. Meanwhile, Nicholas Kim from the Incheon Free Economic Zone Authority called for relaxed regulations on foreigner-only casinos to facilitate growth in the integrated resort sector.
