Kangwon Land signs cooperation agreement with Mongolia Sky Resort
The businesses plan to cooperate on promotional initiatives.
South Korea.- Kangwon Land has signed a deal with Mongolia Sky Resort with the intention of cooperating on marketing. Sky Resort, part of MCS Group, is the only ski resort in Mongolia and also has three golf courses.
The companies aim to work together on promotional marketing by exchanging insights on tourism trends. They will also implement an employee exchange program.
Choi Chul-kyu, acting CEO of Kangwon Land, said, “This joint marketing agreement is very meaningful in promoting the High1 Resort brand to Mongolia, a new target country. We will expand the market and develop customized content so that more diverse national tourists can visit High1 in the future.”
In December, Kangwon Land allocated KRW179.6bn (US$128m) to develop a second casino as part of its wider development plan worth KRW2.5tn (US$1.78bn). This initiative aims to address the issue of overcrowding in the existing casino. The new casino space will be housed within the B1, B2 and ground floors of the High1 Grand Hotel Main Tower. The construction phase began last December, with completion targeted for December 2027.
The expansion will increase the casino area from 14,512 square meters to 20,260 square meters. The number of gaming tables will rise from 200 to 250, while slot machines and other gaming units will increase from 1,360 to 1,610.
For full-year 2024, the operator posted net income of KRW455.38bn (US$317.0m), a rise of 33.6 per cent when compared to the previous year. Sales revenues increased by 2.8 per cent year-on-year, reaching KRW1.43tn. Operating income was flat at KRW283.28bn.
