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South Korean Regulator Targets Foreign Casinos

By  |  May 20, 2024

Paradise Co, the largest foreigner-only casino operator in South Korea, is one of seven business groups newly added to a list of conglomerates subject to tighter supervision, according to an announcement from the nation’s antitrust regulator.

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    Reported by Yonhap News Agency, Paradise joins other major companies in the entertainment sector, including talent agency and record label Hybe Corporation, and hotels and travel group Sono International Co, on this expanded list.

    Under South Korean law, conglomerates with assets of at least KRW5 trillion (US$3.69 billion) are classified as “large corporations.” This designation mandates these entities to publicly disclose details regarding inter-affiliate transactions, their ownership structures, and significant information concerning non-affiliates, as per the regulations highlighted by Yonhap.

    With the addition of these new companies, the total number of conglomerates under stringent supervision has risen to 88, encompassing a network of 3,318 affiliates.

    “The increase in the number of companies on this year’s watchlist came as entertainment, leisure and tourism industries, among others, have grown markedly thanks to the rising popularity of Korean culture and recovering consumer sentiment after the COVID-19 pandemic,” the South Korean regulator stated. Regulators in the country have also cracked down on eCommerce recently as concerns about consumer data protection become more pressing.

    Source: AS Gam