Kangwon Land Unveils Ambitious $2 Billion Expansion in South Korea
Kangwon Land, South Korea’s only casino open to local residents, has announced a significant expansion project to bolster its position against rising competition. The project, valued at 2.5 trillion won (approximately $2 billion USD), will see the construction of a new casino complex slated for completion by 2032.
Government-Backed Expansion Plans
On September 5, the South Korean government approved the expansive plans, which include increasing the casino floor area by 40%, from 14,512 square meters to 20,260 square meters. The number of gaming tables will rise from 200 to 250, with an additional 250 slot machines augmenting the existing 1,360.
In a move to attract more international visitors, betting limits for foreign players will increase dramatically, from 300,000 won to 300 million won, marking a 1,000-fold rise.
According to a Douglas Research report, these regulatory changes are expected to drive significant growth in sales, profitability, and market valuation for Kangwon Land.
Addressing Competition in a Competitive Market
Located 87 km from Seoul in the mountainous Gangwon Province, Kangwon Land has long faced challenges due to its remote location. The casino is now competing with newer establishments such as the Inspire Entertainment Resort, which opened in March near Incheon International Airport, and the MGM Resorts’ integrated complex in Osaka, Japan, scheduled to launch in 2030.
Transforming Kangwon Land into a Global Destination
Interim CEO Choi Cheol-kyoo shared his ambitious vision to transform Kangwon Land into a global entertainment hub comparable to Las Vegas. Speaking in October, Choi stated, “Just as Las Vegas evolved from a mining town to a global entertainment hub, Kangwon Land can become a must-visit destination. In today’s world, distance is no longer a barrier.”
The project includes constructing a hotel, an expanded performance venue, a larger shopping gallery, and various cultural and healthcare facilities. Dining options will triple, and the site will host ongoing events to attract visitors. Kangwon Land aims to increase its non-gaming revenue share from 13% to 30% by 2032, positioning itself as a multi-faceted tourist destination.
