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Explore the latest trends and actionable insights on the Global Lodging market to inform business strategy and pinpoint opportunities and risks

Market Size of the Casino Industry in South Korea (2017-2021, $ Billion)

Industry: Casinos And Gambling
Current: Market Sizing & Shares

The market size of the casino sector in South Korea reached a value of $1 billion in 2021
The casino market in South Korea grew by 13% in 2021
The casino market in South Korea grew at a CAGR of negative 19% during 2017-2021

Casino industry in South Korea: Industry Overview

The casino segment covers all gambling activities within casino establishments, such as card games, roulette, and slot machines located in casinos; tips and admission fees are included, but additional revenues such as food, drink, and accommodation sales are excluded.

South Korea is the fourth biggest market in the Casino industry. The market size of the casino sector in South Korea reached a value of $1 billion in 2021, accounting for 1% of the global market size. It is the second biggest market in Asia-Pacific, contributing to 2% of the region’s market size.

Earlier in the year 2020, the COVID-19 outbreak had a great impact on the sector as the casinos were forced to shut their business for most of the year due to the government’s restrictions and lockdowns. As a result of this, in the year 2020, the market value of casinos in South Korea saw a de-growth of a mammoth 64%, accounting for almost $1.7 billion.

After the restrictions were eased, the sector witnessed a recovery in demand as the casino market in South Korea grew by a significant 13% in 2021, showing good signs for the future.

The casino market in South Korea grew at a CAGR of negative 19% during the period 2017-2021. This was primarily on account of the restrictions placed in the country. Also, people became more cautious with their spending post the pandemic which further hampered the demand for casinos.

Many games provided by the casino require attendants to be in proximity to each other or be played between groups of people. Thus, when casinos were open, they needed to adjust their games and follow the government’s coronavirus safety measures, thereby decreasing demand for the sector in general.

The major companies that have a strong presence in South Korea’s casino market include Lotte Hotel Busan, Intercontinental Seoul COEX, and Ramada Plaza Jeju among others.

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