{"id":777014421,"date":"2024-04-03T09:41:01","date_gmt":"2024-04-03T12:41:01","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777014421"},"modified":"2026-04-22T11:31:47","modified_gmt":"2026-04-22T14:31:47","slug":"kangwon-land-announces-us1-85bn-expansion","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-announces-us1-85bn-expansion","title":{"rendered":"Kangwon Land announces US$1.85bn expansion"},"content":{"rendered":"\n<p>The company plans to triple the size of its casino.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.-<strong> Kangwon Land<\/strong>, the only casino in South Korea that allows locals to enter, has unveiled a KRW2.5tn (US$1.85bn) investment plan dubbed<strong> K-HIT Project 1.0<\/strong>. It will triple the size of casino space by 2032.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>This will include the creation of a cultural facility with a permanent performance hall, a shopping centre, and a K-culture hub.\u00a0It will also aim to develop wellness tourism linked to nearby natural resources and products that celebrate the region&#8217;s coal mine heritage.<\/p>\n\n\n\n<p>According to The Maeil Business newspaper, <a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-confirms-choi-cheol-gyu-as-new-ceo\" target=\"_blank\" rel=\"noreferrer noopener\">Choi Cheol-kyu<\/a>, Kangwon Land&#8217;s CEO, said the expansion was needed amid a competitive landscape.\u00a0<\/p>\n\n\n\n<p>In 2023, the casino operator posted\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-posts-net-income-of-us260m-for-2023\" target=\"_blank\" rel=\"noreferrer noopener\">a net income of KRW345bn (US$260m),<\/a>\u00a0up 199 per cent when compared to the previous year. The company\u2019s<strong>\u00a0sales revenues increased by 9.3 per cent year-on-year<\/strong>, 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).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company plans to triple the size of its casino.<\/p>\n","protected":false},"author":176,"featured_media":18929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land, South Korea's sole local-entry casino, announced a KRW2.5tn (US$1.85bn) K-HIT Project 1.0 investment to triple its casino footprint by 2032. This strategic expansion aims to enhance the international gaming experience, align operational standards with global benchmarks, and significantly increase non-gaming revenue from 13% to 30% through diversified offerings. The initiative follows a robust 2023 financial performance, with net income surging 199% amidst a competitive market.","focusai_entities":"Kangwon Land, Choi Cheol-kyu, The Maeil Business newspaper","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), product_ux (0.7), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Funding & ROI Analysis","query":"What are the projected capital expenditure phasing and expected return on investment (ROI) timelines for the KRW2.5tn K-HIT Project 1.0, particularly distinguishing between gaming and non-gaming asset contributions?"},{"label":"Regulatory Impact Assessment","query":"How will the proposed alignment of operational standards and betting restrictions with global benchmarks impact Kangwon Land's unique local-entry licensing conditions and the broader regulatory landscape in South Korea?"}],"footnotes":""},"categories":[157,16338],"tags":[16471],"class_list":["post-777014421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-kangwon-land"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777014421"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014421\/revisions"}],"predecessor-version":[{"id":777014448,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014421\/revisions\/777014448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18929"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777014421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777014421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777014421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}