Kangwon Land, renowned as the only casino in South Korea open to locals, is set to embark on a massive KRW2.5 trillion (US$1.9 billion) renovation and expansion project that will include a new luxury casino, a hotel and additional leisure facilities.
The project was first revealed by Korea Economic Daily late last week, which said the project will see KRW1.8 trillion (US$1.34 billion) of the total investment spent on developing a new casino and a cultural complex and KRW270 billion (US$201 million) on a new hotel, citing unnamed sources.
Kangwon Land will also expand its non-gaming facilities by revamping walking trails around the casino complex, building a wellness center and developing a luxury pool villa, among other amenities.
Industry publication GGRAsia reported Wednesday that the development would expand Kangwon land’s gaming space from 15,486 square meters presently to 49,500 square meters with the goal of “addressing the current chronic shortage of [player] seats in the venue,” as per comments from interim CEO Choi Cheol-Gyu.
The development is also said to be motivated by the future threat posed by MGM’s US$10 billion integrated resort development in Osaka, Japan, scheduled to open in 2030. However, Choi noted that Kangwon Land’s expansion could itself take up to eight years to be fully realized, according to GGRAsia. A temporary casino facility will be established while the new building is being built.
The Korea Economic Daily said the revamped casino will include new VIP rooms with helicopters utilized to fly in both Korean and international visitors, while a sky bridge would link the casino to the nearby High1 Ski and Golf Resort.
“With a significant investment, Kangwon Land hopes to turn from a casino operator into a resort complex operator,” the outlet cited one source as saying.
As previously reported by Inside Asian Gaming, Kangwon Land endured a slower than expected post-COVID recovery in 2023, with JP Morgan analysts attributing the slowdown to the proliferation of illegal and grey-market gambling such as cash play at “Hold’em” pubs, as well as online casinos.
Aside from the impending opening of Osaka’s IR, Kangwon Land also faces competition from the rising Philippine gaming industry and from the potential legalization of casino gaming in Thailand.
