South Korea’s Kangwon Land unveils €1.75 billion expansion project
Kangwon Land, the sole casino in South Korea accessible to locals, is gearing up for a monumental transformation with a KRW2.5 trillion (€1.75 billion) expansion endeavour. This ambitious project encompasses the establishment of a new casino, a deluxe hotel, and an array of additional leisure facilities.??
According to Korea Economic Daily, the extensive project will allocate KRW1.8 trillion (€1.23 billion) towards the development of a cutting-edge casino and a cultural complex, with an additional KRW270 billion (€185 million) earmarked for a new hotel. Kangwon Land’s initiative also encompasses the enhancement of non-gaming amenities, including the revitalization of walking trails, the establishment of a wellness centre, and the creation of luxury pool villas, among other enhancements.
Presently spanning 15,486 square meters, the revamped complex is poised to encompass 49,500 square meters of gaming space, as highlighted by interim CEO Choi Cheol-Gyu.
Future preparedness amidst competition??
The decision to embark on this expansive renovation is partly motivated by the forthcoming competition posed by MGM’s US$10 billion (€9.2 billion) integrated resort development in Osaka, Japan, slated for a 2030 debut. Kangwon Land’s expansion is projected to take up to eight years for full realization. In the interim, a temporary casino facility will be established to ensure uninterrupted operations during construction.
Elevating to resort complex status??
According to the report, Kangwon Land aims to transition from a mere casino operator to a comprehensive resort complex facilitator, as emphasized by insiders. The revamped casino will boast new VIP rooms and employ helicopters to transport both domestic and international visitors, further enhancing its allure as a premier leisure destination.
Navigating post-COVID challenges??
Despite enduring a slower post-COVID recovery in 2023, attributed to the proliferation of illicit and grey-market gambling activities, Kangwon Land remains steadfast in its pursuit of growth and diversification. Beyond the imminent competition from?Osaka’s IR, the casino faces additional challenges from the burgeoning?Philippine gaming sector?and the?potential legalisation of casino?gaming in neighbouring Thailand.??
