CLAIMS TO FAME
- Former Secretary for National Integration for the Presidential Secretariat
The winds of change are blowing at Kangwon Land, long established as the only casino in South Korea at which locals are permitted to gamble.
In December, then-CEO Lee Sam-geol was forced to tender his resignation following a series of scandals including accusations of sexual harassment, workplace bullying, graft and wasteful spending at the remote property, and a US$2.4 million fine levied against it by the government for 182 money laundering breaches.
Appointed in his place, in an interim capacity for now, is Choi Cheol-Gyu, although keeping his hands clean is just one of his priorities. Kangwon Land once printed money for fun, but demand has surprisingly slowed over the past 12 months with some analysts pointing to the proliferation of grey market gambling for the decline.
Nevertheless, the company recently announced a major US$1.9 billion expansion plan that will include the renovation of existing facilities and development of new offerings, among them a new luxury casino, a hotel and additional leisure facilities, slated for completion in 2028.
The casino expansion will see the total number of gaming tables increase from 200 to 250 and gaming machines from 1,560 to 1,860, alongside a massive increase in betting limits in the dedicated foreigner-only zone from KRW300,000 (US$220) currently to KRW300 million (US$220,000).
Will that be enough to reverse Kangwon Land’s fortunes?
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