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The new casino has been hailed as a success, attracting four times as many gamblers as expected. The company has also been making headlines with some modest jackpot winners. Im Man So, a tailor who works at the casino, plays for an hour each day, and wins an average of $10 on a good day. On a bad day, he loses $20.
The Sands casino was originally part of the Walkerhill hotel in Seoul, which was owned by the Seonkyung Group. This hotel was famous for its theater style shows, and its owners were considered to have received preferential treatment. In the years that followed, the hotel was bought by the Lotte Group, and the guesthouse was sold to the Samsung Group.
The current owner of the casino, Choi Jong-gun, is related to Lee Hu-rak, Chairman of the Seonkyung Group. He purchased the property from the group's former owner, Seonkyung Development.
South Korea has a long history of gambling, which dates back 900 years. During the Japanese occupation, the game hwato became popular. However, traditional Korean values discourage gambling and the government has strict laws on how it is played. There are a number of other casinos in the country, but they are all foreigners-only.
The government has been working to increase tourism, and one of the ways is to allow more locals to gamble. In addition to foreigners-only casinos, there are sixteen other casinos in the country. In the past, these casinos were built to boost foreign tourism revenue. But in the last few years, these hotels have become a source of income for locals.
While Sands has expressed interest in building a casino in South Korea, they've only been able to make small gestures toward the government. They've asked for a relaxed local ban, and have floated plans for resorts in Busan and Incheon. But if the government refuses to change its rules, the firm is not sure it will go ahead with the project.
The company is trying to win over the government with economic benefits, as well as political support. It is estimated that the resort could generate $355 million in new tax revenues for the country. In addition, it would create over 50,000 jobs. The local economy would benefit as well, and the city of Busan would see increased tourism. The government is not yet convinced that the project is worth it.
As of 2013, the Macau casino market generated $45 billion in revenue. Caesars and Lippo both have plans to re-enter the Asian casino market. They are hoping to attract Chinese players who have lost interest in the expensive Macau casino resorts. They plan to invest $2.1 billion over the next nine years to develop their properties.