South Korea’s president Lee Jae-myung has called for a review of casino licensing standards, calling the granting of private licenses to foreigner-only casinos a “favor”.
According to ChosunBiz, the comments were made during a work briefing by the Ministry of Culture, Sports and Tourism (MCST) and other ministries.
During the meeting, President Lee asked the president of Grand Korea Leisure (GKL) – which operates under the MCST – whether the operator was making “some surplus”.
Yoon Doo-hyun answered that GKL was expecting a surplus of KRW40-50 billion this year, excluding labor costs.
The South Korean leader, who took office in June, then questioned whether private casino licenses are issued, questioning to whom they are granted and calling such a practice a “significant favor”.
The top official noted, as cited by the publication, that “significant profits are generated, and it is not appropriate to grant licenses for this to the private sector, to specific individuals”. Lee encouraged the MCST to reconsider its policy decisions in the future.
In addition, according to Asia Business Daily, the South Korean president also questioned the head of Grand Korea Leisure on gambling addiction, requesting statistical evidence.
The GKL head was unable to provide the figures at the time, prompting the nation’s top official to request the presidential official office to investigate the issue.
“We need to see the harms are increasing or decreasing, and what policy efforts are needed”.
President Lee furthered that gambling could be one of the “terminal symptoms that signal a nation’s decline”. The official stated that “it is predatory lending that exploits poverty and gambling driven by the hope that ‘things will somehow work out’ that are concerning”.
