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Seoul casino industry grows

18 January 2007

SOUTH KOREA – As reported by the Choson Ilbo: "The casino industry is seeing its fortunes rise in Seoul. Grand Korea Leisure, a subsidiary of Korea Tourism Organization, last year advanced into the casino business for foreigners with its Seven Luck casinos, ending 38 years of domination in the city by Paradise Walkerhill Casino.

"Thanks to the new competition, the casino market has exploded. The number of foreign visitors to Seoul's casinos exceeded 700,000 last year, up from around 330,000 in 2005.

"…Han Seung-ho, an analyst with Shinyoung Securities said, 'The growth rate of Seoul's casino market for foreigners hovered at 4.2% between 2002 and 2005. But since the market opened to competition, the figure is expected to soar to 16.8% on average for the next three years.'…"

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