S. Korean casino can apply for a postponement of tourist fees in 2021

In principle, the Korean government allows casino operators to pay fees for some tourism promotion and development funds that have been delayed until June 2022.

The announcement of the grace period follows the National Tourism Strategy Meeting presided over by Prime Minister Kim Boo-kyum last Friday.

An official from the Ministry of Culture, Sports and Tourism, an agency that collects fees for local casino operators, said the grace period had been approved for “two casino corporations” in response to phone inquiries from GGRAsia, but declined to name them.

The representative of the Korea Casino Association, a trade organization, separately explained to GGRA by phone that the “subjects” in question are two foreigner-only casino operators, Paradise Co., Ltd. and Grand Korea Leisure Co., Ltd.

Under the rules enacted by the Ministry of Land, Infrastructure and Transport on April 1, 2021, any casino operator was allowed to apply for an extension of the deadline for payment of fees from the Tourism Promotion Development Fund.

The move was a response to management challenges facing the industry during the pandemic. In February this year, news broke in Korean media that the Korean casino industry, which relies mostly on foreign players, lobbied for more support from the government after poor management results in 2020.

Still, the government has imposed a moratorium on tourism fund fees. Sales at casino companies, as measured over the March-August period just before September, when tourism promotion fees are usually due in installments, must be less than 50% of sales achieved in the six months of a year ago.

Tourism fund fees are typically payable by casino operators in two equal installments each in June and September of each transaction year.

The grace period through June 2022 applies to fees that should have been paid in June and September of this year, the head of the Korea Casino Association told GGRAsia.

The association added that it could theoretically mean that two fee instalments due in 2021 would have to be paid in June next year. However, if the casino corporation requested a further grace period for the September 2021 instalments before May 2022, only one payment may be required for the amount due in June 2021.

In 2020, Paradise paid 31.4 billion won ($26.6 million) in tourism promotion and development funds, according to data from the Ministry of Land, Infrastructure and Transport. Grand Korea Leisure paid 16.98 billion won.

Paradise operates in Walkerhill, Seoul, Jeju Grand on Jeju Island, and Busan Casino in the southern port city of Busan.

BY: 안전한 파워볼사이트