Korea Minting and Security Printing Corporation to Craft Chips for Seoul Casino

South Korea’s Minting and Security Printing Corporation has agreed to create new chips for Grand Korea Leisure, the state-run entity operating the Seven Luck casino in Seoul. The state-owned corporation is responsible for printing and minting banknotes and coins as well as government documents of different nature.

Seven Luck is one of South Korea’s foreigners-only casinos. As mentioned above, the property is located in the capital of the Asian country. Under a memorandum of understanding, penned earlier today, South Korea’s state mint will use its technology to craft new chips for the gambling venue.

The move comes in a bid for the casino to prevent forgery and the use of fake chips by patrons. Each casino owns its unique set of chips used by its players. However, there have been multiple incidents of players smuggling fake chips and trying to exchange those for real money.

Korea Minting and Security Printing Corporation and Grand Korea Leisure said in today’s memorandum of understanding that the gaming facility’s new chips will incorporate innovative three-dimensional security technology and sensitive materials that would aim to prevent any attempts for forgery and other illegal activities from being carried out at the gaming floor. The state mint uses similar technology when crafting regular currency.

Previous Incidents of Fake Casino Chips

As mentioned above, there have been previous instances of customers attempting to use fake chips at one casino or another. South Korean casinos have, too, been targeted by such fraudulent acts. An incident that gained quite some international coverage involved an international crime ring that had developed a sophisticated scheme to cash millions out of fake casino chips at a local casino. The incident occurred early in 2008.

Police uncovered that the chips had been smuggled from China. Four South Korean nationals were arrested for trying to convert some of those chips into cash at the country’s Kangwon Land casino. Here it is important to note that despite the fact that South Korea is home to a number of land-based casinos, many of which part of larger integrated resorts, all of them but one are reserved for foreign players only. Nationals are only allowed to gamble at Kangwon Land and this has been the case for many years now.

The four arrested individuals were found to be part of an international crime gang. The chips they used were believed to have been manufactured in China. At a first glance they were quite the same as the authentic ones used at the casino, police found. However, upon closer examination, the fake chips were found to have been a bit lighter than the ones used by the casino. During its operation, police seized 3,700 chips, each of them of KRW1 million denomination. The attempted fraud was first spotted and reported by one of the cashiers at the casino.

Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.

The post Korea Minting and Security Printing Corporation to Craft Chips for Seoul Casino appeared first on Casino News Daily.