Speakers and participants of The Korea Times Global Business Club event held under the theme "Korean-style Integrated Resorts and Future Strategic Directions" pose at the Korea Press Center in downtown Seoul, Wednesday. Korea Times photo by Shim Hyun-chul

Korea is advised to establish a gambling regulatory organization to foster sustainable and healthy growth of integrated resorts that contain casinos, according to tourism experts, Wednesday.

During The Korea Times Global Business Club, themed under "Korean-Style Integrated Resorts and Future Strategic Directions," scholars, industry leaders and government officials came together to talk about the country's future strategies in development and operation of integrated resorts, as well as the establishment of a regulatory system for gambling.

The discussion took place through two rounds of panel discussions moderated by Seo Won-seok, a professor at the College of Hotel and Tourism Management at Kyung Hee University.

Kyung Hee University professor at the College of Hotel and Tourism Management Seo Won-seok chairs a panel discussion during The Korea Times Global Business Club in Seoul, Wednesday. Korea Times photo by Shim Hyun-chul

The experts suggested Korea need a regulatory organization that watches over gambling to change the public's negative sentiment toward casinos and deal with negative side effects such as gambling addiction.

"I don't think making gambling a taboo and sweeping it under the rug will solve the problems of gambling addiction," said Lee Jae-seok, a professor at Gangneung-Wonju National University.

He pointed to education as a key to reducing gambling addiction, underscoring the importance of raising public awareness and prevention against gambling addiction at an early age, as shown in several studies. For example, Macao, where he spent years teaching as a professor, provides educational campaign content to prevent gambling addiction even for elementary school students, he said.

Park Jun-hwi, vice president of the Korean Institute of Criminology and Justice, said the country should establish social safeguards and regulations to reduce the scale of illegal gambling.

He noted that the seven lawful gambling industries authorized by the government, including casinos, fail to meet the country's demand for gambling.

"The seven legal gambling industries' sales amount to 20 trillion won ($15.1 billion), while that of illegal gambling far exceed 100 trillion won," he said, adding that illegal gambling has been growing rapidly since the outbreak of the COVID-19 pandemic, especially online.

Seo Yong-seok, an expert adviser at the National Gambling Control Commission, outlined the roles that regulatory organizations should play, citing the example of Singapore's Gambling Regulatory Authority (GRA).

The second round of the panel discussions at The Korea Times Global Business Club takes place in Seoul, Wednesday. Korea Times photo by Choi Won-suk

These gambling regulators' prime role is not only to campaign for responsible gambling but also to raise public awareness on casinos' positive roles such as job creation and reviving regional economies.

Lee Jin-kyung, a professor at Jeju Tourism University who serves as a member of the Jeju Casino Regulatory Commission, pointed out that such gambling regulators serve to not only regulate the industry but also foster it.

"What's notable about the commission is that through its activities, it continuously communicates with (Jeju) islanders to promote and consult the public interest while developing Jeju's casino industry," she said, adding that the commission started to include corporations in discussions to map out healthy coexistence of the various parties concerned.

Also, these regulators should operate a license system that regulates related workforces, while educating them to prevent them from breaking away into the illegal gambling industry, she noted.

During the other part of the panel discussion, tourism experts highlighted how the competition in Asia is growing fierce to develop and operate integrated resorts.

The first round of the panel discussions at The Korea Times Global Business Club takes place in Seoul, Wednesday. Korea Times photo by Choi Won-suk

Jeong Kwang-min, a research fellow at the Korea Culture and Tourism Institute, pointed out that Japan, which has never had an integrated resort before, spent 12 years mapping out its overall operational planning and regulation for an integrated resort planned for Yumeshima, an island in Osaka Bay.

Thus, Korea also needs a strategic and thorough planning of integrated resort operation that encompasses the property's original identity and purpose, he explained.

Kim Young-moon, CEO of Mayfield Hotel Seoul, mirrored Jeong's view, adding that integrated resorts need to become a symbolic landmark to represent the region as a travel destination to attract visitors. In that regard, the country needs further research, development and talent training specialized in Korean-style integrated resorts, he said.

Julie Heo, the chief legal officer and general counsel of Inspire Entertainment Resort, underscored the company's efforts to meet the entertainment demands of a diverse audience and highlighted the importance of non-gambling facilities to attract both international and domestic visitors.

Meanwhile, Nicholas Kim, the executive director at the Incheon Free Economic Zone Authority, noted the need to relax regulations on operating foreigner-only casinos in Korea to expedite the growth of the integrated resort industry.