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South Korea's Resort Industry Grows

13 June 2003

SOUTH KOREA – As reported by the Korea Herald: "Profiting from the proliferation of the five-day workweek, the average revenue at the nation's major resorts rose by 20.6 percent last year from the year before, a report, released by Korea Leisure Industry Consulting, said yesterday.

"The report also revealed that personal losses from gambling, or so-called luck industry, amounted to nearly 4.1 trillion won (US$3.4 billion) last year, a huge boon to companies that run gambling operations.

"…The size of the resort industry grew by at least 20 percent each year since the International Monetary Fund bailout in 1998, except for 2001 when the growth rate stalled at 18.8 percent.

"The market quickly swung upward again last year when an increasing number of companies began to take up the five-day workweek system, the report explained.

"…Additionally, the report indicated that the market size of the domestic gambling industry, including horse race betting, casinos and lotteries, reached 13.9 trillion won last year, more than 30 percent larger than 2001.

"The number of gamblers, excluding lottery ticket buyers, passed 23 million, up 21.5 percent from a year ago…"

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