South Korea’s Kangwon Land to expand with second casino

12/03/24

Kangwon Land plans to construct a second casino venue, as part of a KRW2.5tn (US$1.78bn) development plan.

South Korea.- Kangwon Land has allocated KRW179.6bn (US$128m) to develop a second casino as part of a development plan worth KRW2.5tn (US$1.78bn). As stated in a filing issued yesterday (December 2), 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 is scheduled to begin this month, with completion targeted for December 2027.

The expansion will increase the casino area from 14,512 square metres to 20,260 square metres. The number of gaming tables will rise from 200 to 250, while slot machines and other gaming units will grow from 1,360 to 1,610.

Kangwon Land obtained approval for the project from the Ministry of Culture, Sports, and Tourism on September 4. The total equity capital for the undertaking amounts to KRW3.67tn (US$2.62bn).

For the third quarter of the year, Kangwon Land posted net income of KRW91.98bn (US$66.5m), up 24.3 per cent in year-on-year terms but down 42.6 per cent compared to the second quarter of the year. The casino recorded 646,892 visitors in the third quarter of the year. That’s a rise of 0.7 per cent in year-on-year terms and a rise of 18.4 per cent compared to the second quarter of the year.

Gaming sales were up 4.9 per cent sequentially but flat in year-on-year terms at KRW320.4bn (US$231.51m). Gross gaming revenue (GGR) rose by 1.2 per cent compared to last year, reaching KRW353.8bn (US$255.69m). KRW161.1bn (US$116.52m) was attributed to mass tables, which saw a decline of 2.8 per cent in year-on-year terms.

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Kangwon Land land-based casinos