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Korea to crack down on pseudo-casino acts at 'hold'em pubs'

Korea to crack down on pseudo-casino acts at 'hold'em pubs'
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GGRAsia – Kangwon licence extension to come with tax rejig: JP Morgan


Kangwon Land Inc could pay the equivalent of up to six percentage points extra relative to its pre-tax profit, under a proposal that would see the operator of South Korea’s only casino for locals have its gaming licence extended for 20 years, to 2045, says banking group JP Morgan.
Currently the operator’s licence is due to expire in 2025, according to the financial institution. JP Morgan queried whether the trade-off represented a “carrot and stick” approach by lawmakers.
A committee of the country’s National Assembly proposed on Tuesday that the law that allows operation of the Kangwon Land resort, which is located in an upland area outside the capital Seoul, should be amended to allow for the longer licence. ....

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Possible higher tax bill for Kangwon Land Casino


February 24, 2021
In South Korea and an influential committee of the county’s National Assembly has reportedly recommended a legislative revision that could see Kangwon Land Casino obliged to pay a higher rate of tax in exchange for a 20-year extension to its license.
According to a report from Inside Asian Gaming, the Trade, Industry, Energy, SMEs and Startups Committee endorsed an amendment to the nation’s Special Act on the Assistance to the Development of Abandoned Mine Areas yesterday that would require the venue to hand over 13% of its gross gaming revenues in preference to the 25% of profit before tax it is currently compelled to surrender. The source detailed that this change would subsequently be sweetened by extending the rural property’s casino license, which is set to expire in about three years’ time, until the end of 2043. ....

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