Kangwon Land, the South Korean operator of a casino and resort complex in Gangwon Province, announced plans earlier this year to evolve into a global integrated resort (IR), focusing on enhancing its non-gaming facilities.
The company seeks to raise non-casino revenue from 13 percent to 30 percent by 2032. With a strong commitment to improving the resort, set amidst highlands and natural surroundings, Kangwon Land aspires to be recognized as Korea’s Las Vegas.
As the only casino in the country where locals can gamble, Kangwon Land is also attracting foreign visitors.
According to local media outlet The Korea Times, which cites the company, the number of foreign tourists at Kangwon Land’s High1 Resort surged to 25,000 in the first half of this year, marking a remarkable 476 percent increase compared to the previous year. The company anticipates further growth in visitor numbers through ongoing initiatives.
Kangwon Land has initiated a long-term investment project named “K-HIT,” which stands for “Korean High1 Integrated Tourism.” This project involves a significant investment of KRW2.5 trillion ($1.85 billion) to expand the casino floor space by over 30 percent and diversify its offerings. This approach aims to attract a broader audience by investing in non-casino sectors.
The interim CEO of Kangwon Land, Choi Cheol-kyoo, who is leading the resort’s transformation, emphasized the urgency driving this initiative. During the COVID-19 pandemic, the illegal gambling sector thrived while the legal market diminished. With the easing of travel restrictions, many people began participating in casino activities abroad, heightening the sense of urgency to modernize and compete globally.
Choi Cheol-kyoo noted that in Asia, countries such as Macau and Singapore have embraced this integrated resort model, while Japan is preparing to enter the market with plans for a large-scale casino resort in Osaka.
Recently, the Ministry of Culture, Sports and Tourism eased regulations on casino operations, allowing for an expansion of the casino floor and increasing betting limits for overseas visitors from KRW300,000 ($223) to KRW300 million ($220,000). This change is expected to enhance foreign tourism.
