South Korea's Only Casino Open to Locals to Get $1.8B Expansion
Kangwon Land Inc, the operator of the Kangwon Land casino resort in South Korea, has embarked on an ambitious expansion project. With a budget of KRW2.5 trillion (US$1.85 billion), the only casino open to locals is about to get much bigger.
LISTEN TO THIS ARTICLE:This significant investment aims to enhance the resort's infrastructure and services, including a substantial enlargement of the casino area, which is projected to triple in size by 2032. The current gaming space of 15,486 square meters (166,689 square feet) is set to expand to 49,500 square meters (532,813 square feet), providing guests with an even more luxurious and extensive gaming experience.
The development plan is not limited to gaming facilities; it also encompasses a comprehensive upgrade of the resort's accommodations and amenities. KRW1.8 trillion (US$1.3 billion) is allocated specifically for the gaming sector, reflecting the company's commitment to creating a world-class gaming environment.
Additionally, the resort's business strategy includes increasing the maximum betting limit to elevate the gaming experience and modernizing the VIP casino areas by 2027. The casino hopes that its high-rolling patrons will receive exceptional service and an exclusive atmosphere.
Related: South Korean Casino Operator Fined Over $2M for AML FailuresMoreover, the resort's hospitality offerings will see a significant boost with the construction of new hotel facilities, involving an investment of KRW270 billion (US$200 million). This expansion is part of the overall vision to provide guests with additional comfort and luxury. A new villa featuring a swimming pool is also in the works, with KRW30 billion (US$22.2 million) earmarked for this project, further diversifying the resort's accommodation options and enhancing the leisure experience for visitors.
The resort's commitment to growth and improvement is also evident in the planned investment of KRW280 billion (US$207 million) in additional facilities, which will complement the existing array of services and contribute to the resort's status as a top-tier destination.
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Expansion Comes Following Significant Growth
Kangwon Land Inc's financial performance in the full year of 2023 underscores the success of its operations, with net income attributable to its owners surging by 198.5% from the previous year to KRW345.15 billion (US$255.68 million). Sales experienced a healthy increase of 9.3% year-on-year, reaching nearly KRW1.39 trillion (US$1.02 billion).
This strategic expansion reflects Kangwon Land Inc.'s dedication to maintaining its position as a leader in the gaming and hospitality industry, while simultaneously enhancing the guest experience through continuous innovation and development.
Located in Jeongseon, South Korea, the resort holds a unique status as the nation's only casino where locals are permitted to gamble. Established in 1998, it was developed and operated by Kangwon Land Inc., a government-owned corporation under the Ministry of Trade, Industry, and Energy.
Throughout its history, Kangwon Land has undergone several expansions and renovations to meet the evolving demands of the market and enhance its facilities. These developments aimed to elevate the resort's status as a premier destination for leisure and entertainment in South Korea.
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