Kangwon Land announces US$1.85bn expansion
The company plans to triple the size of its casino.
South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has unveiled a KRW2.5tn (US$1.85bn) investment plan dubbed K-HIT Project 1.0. It will triple the size of casino space by 2032.
The company will aim to enhance the gaming experience for international visitors and align operational standards, including betting restrictions, with global benchmarks. The company also aims to increase non-gaming sectors, raising the proportion of non-casino sales from the current 13 per cent to 30 per cent.
This will include the creation of a cultural facility with a permanent performance hall, a shopping centre, and a K-culture hub. It will also aim to develop wellness tourism linked to nearby natural resources and products that celebrate the region’s coal mine heritage.
According to The Maeil Business newspaper, Choi Cheol-kyu, Kangwon Land’s CEO, said the expansion was needed amid a competitive landscape.
In 2023, the casino operator posted a net income of KRW345bn (US$260m), up 199 per cent when compared to the previous year. The company’s sales revenues increased by 9.3 per cent year-on-year, reaching KRW1.39tn (US$1.04bn), with net income from continuing operations before income tax reaching KRW461bn (US$347m), up 175 per cent. Operating income was up 31.3 per cent in year-on-year terms to KRW286bn (US$215m).
