The government gave South Korea casinos a grace period to pay 2021 Tourism Promotion and Development Fund fees. They have until June 2022 to pay the fees. Also, the grace period was part of the national tourism strategy of the government.
According to casino reviews, The Ministry of Culture, Sports, and Tourism approved the grace period for two casino operators. However, they didn’t name the operators. The Korea Casino Association clarified that the two operators are Grand Korea Leisure and Paradise.
Casino entities can apply for the payment deadline extension for the tourism fees. Also, the ministry enacted the rule last April 2021. It was in response to casinos’ financial challenges during the pandemic. According to the best online casinos in Korea, the casino industry suffered because they relied on foreign players during the lockdowns. Therefore, they lobbied for more support from the government.
South Korea Casinos Given Grace Period
The government approved the grace period for tourism fund payments that were due last September. The fee is 50 percent of the sales from a six-month period from the previous year. Also, the casinos have until June 2022 for the payments due in June and September.
The Korea Casino Association noted that casinos need to pay the two tourism fees due for 2021 in June 2022. However, the casino operator can request an extension of the September 2021 payment. However, it still needs to pay the June 2021 fees.
According to online casino reviews, Paradise Co. paid KRW31 billion in tourism fees in 2020. On the other hand, Grand Korea Leisure paid KRW17 billion the same year. Paradise operates the Walkerhill, Jeju Grand, and Busan Casino. Also, it runs the gaming facility in Incheon. Grand Korea Leisure operates two Seoul casinos and one casino in Busan.