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Kangwon Land announces new phase revamp worth $1.85 billion

April 4, 2024 South Korea Casino & Hotel

The company that runs the South Korean casino resort complex Kangwon Land Inc. has revealed plans to build an expansion project of KRW2.5 trillion (US$1.85 billion) that would double the casino’s size by 2032.

The statement revealed details regarding the “K-HIT Project 1.0” and was confirmed by a Kangwon Land Inc. representative in answer to GGRAsia’s inquiry on Tuesday. The phrase alludes to Kangwon Land’s part of the integrated tourism complex known as Korean High1 Resort.

With an estimated KRW1.8 trillion set aside for the gaming area, the expansion plan aims to expand the resort’s gaming area from its current 15,486 square meters to 49,500 square meters (532,814 square feet).

Situated in a rural area three hours east of Seoul, Kangwon Land is the only casino in South Korea that is available to citizens. In an attempt to draw in more international players, the casino is planning to increase its appeal and marketing efforts.

The investment’s focus on resolving the current shortage of player seats was emphasized by interim CEO Choi Cheol-Gyu, who also acknowledged potential competition from Japan’s MGM Osaka, which is scheduled to open in 2030.

In two to three years, and at a cost of around KRW80 billion, Kangwon Land plans to construct a temporary casino venue next to the current location in order to accommodate the anticipated rise in demand during the construction.

Additional expansion goals include raising the maximum bet limit, renovating the VIP casino by 2027, expanding the hotel, constructing a new pool-side villa, and enhancing other amenities.

The company intends to expand annual resort visits from 6.8 million to 12 million, significantly boost the number of foreign visitors, increase non-casino revenues as a percentage of total sales, and hire 3,400 additional employees.

Although the presentation did not specify the current number of foreign visitors, in the fourth quarter of the previous year Kangwon Land welcomed 569,957 guests, of whom around 6,138 were foreign visitors, making up less than 1% of the total. With sales approaching KRW1.39 trillion, or a 9.3 percent year-over-year gain, Kangwon Land Inc. declared a net income attributable to its shareholders of KRW345.15 billion for the full year 2023, up 198.5 percent from 2022.

Original story by: GGRAsia

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