South Korea police target alleged gambling network as casino suspension proposed

South Korea's Chungnam Provincial Police Agency said it had apprehended 77 people, 21 detained, over an alleged online gambling network running 188 casino websites. Police allege it handled 23 trillion won ($17.2bn) in wagers from March 2023 to July 2026, with two supply groups generating about 150 billion won ($112m) in proceeds. ^[1]

Separately, the Jeju Special Self-Governing Province Government is reviewing a proposed three-month suspension of Gold Mountain Casino over allegations staff cheated customers at blackjack. The casino may submit grounds against the penalty, which could be shortened if mitigating circumstances are established. ^[2]

Market commentary pointed to possible stabilisation in foreigner-only casino drop after China's offshore trust tax deadline on 22 October, while an analyst expected lower Q3 earnings at Jeju Dream Tower. ^[3][4]

Reports cited

1. South Korea police arrest 77 over $17.2bn illegal gambling network
2. Jeju proposes three-month suspension for Gold Mountain Casino over cheating allegations
3. KB Securities expects South Korean casino drop decline to ease after China tax deadline
4. Analyst sees more room for growth at Jeju Dream Tower despite lower Q3 earnings expectation

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