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Korean Gambling Industry Grows 45%

10 January 2002

KOREA –— As reported by the Korea Herald: "Despite the domestic economic slump, the gambling industry grew 45 percent last year, creating a market worth 9.2 trillion won (US$7 billion), data released by a leisure industry research institute showed yesterday.

"According to the report by the Korea Leisure Industry Consulting, the gambling industry, including betting on horse racing and cycling, casinos and lottery, jumped to 9.2 trillion won (US$7 billion) last year from 6.3 trillion won (US$4.8 billion) in 2000.

"As a result, the gambling industry took a 57.6-percent share of the leisure industry amounting to 16 trillion won (US$12.2 billion)last year, increasing 15 percentage points from 2000, when the betting industry accounted for 42.6 percent of the 14.8 trillion won (US$11.3 billion) leisure industry.

"…A total of 22.61 million Koreans were engaged in horse racing, cycling or casino betting last year, a 47.7-percent rise from the 15.3 million participants in 2000.

"Sales (or the total betting amount) of Gangwon Land, the nation's only casino for Koreans, are estimated to reach 3 trillion won (US$2.3 billion).

"…The gambling industry is expected to rise to 11.15 trillion won (US$8.8 billion) this year due to the partial implementation of the five-day workweek and the creation of new forms of gambling, the report said…"

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