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South Korea Relaxes Casino Restrictions

5 November 2002

SOUTH KOREA – As reported by the Financial Times: "South Korea's tightly controlled gambling industry will take a step towards respectability today when shares in Paradise, one of the country's few casino operators, begin trading in Seoul.

"Gambling has long been frowned upon in South Korea but the industry has grown rapidly in recent years as regulations have gradually been eased.

"Paradise raised Won77bn ($63million) in an initial public offering to become the second casino group to go public, following the listing of Kangwon Land last year.

"Gambling for South Koreans is limited to horse racing, lotteries and a single casino operated by Kangwon on the outskirts of Seoul.

"…All kinds of leisure industries, from health clubs and skiing to restaurants and cinemas, are expanding in South Korea as the country's notoriously hard-working people learn to relax…"

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