RSS FeedLimiting gambling in South Korea
I don’t think you’ll see officials in Nevada, or anywhere else in the US, adopting this approach any time soon. From Bloomberg:
South Korea’s National Gaming Control Commission yesterday said it intended to limit total annual revenue of the gambling industry, including horse racing, lottery tickets and casinos, to about 14 trillion won $13.4 billion.
“The governments plan may limit Kangwon Lands revenue from the casino business and this will lead the company to cut its profit forecast, Han Seung Ho, an analyst at Shinyoung Securities Co., said in a report today. Hes maintaining his “buy rating on the stock because the plans havent been completed.
The gambling industrys earnings accounts for 0.67 percent of gross domestic product in South Korea, according to the commission. Thats higher than the average 0.58 percent for members of the Organisation for Economic Cooperation and Development.
South Korea’s government plans to introduce an e-card system which will cap excessive betting of gamblers and tighten regulations on the entry of new players in the industry. The commission said it will complete the plans next month.
“Cap excessive betting of gamblers?” What are they, crazy or something? Do they want to raise taxes? Do they want Farmer Jones to come back?
It’s like an alternate universe over there, where gaming revenues are discussed as public policy, divorced from budget needs.
Posted in business of gambling
