South Korea’s only casino open to locals, Kangwon Land, has announced that it is commencing a KRW200 billion ($135.7 million) revamp of its property aimed for completion by 1H28.
According to reports, the renovation should be finished in time for the launch of its second casino on the hotel property, including 477 rooms in the Grand Hotel Main Tower by April of 2028, and a new lounge for casino clients. Some 280 rooms of the Mountain condo will be revamped first, expected to be completed by October of 2027.
This is the first major revamp since the property’s opening in 2003 and is part of its K-Hit 1.0 redevelopment, which is budgeted at KRW3 billion ($2.3 billion) with a completion date of 2035. The redevelopment aims to attract some 13.2 million annual visitors and generate KRW3.6 trillion ($2.45 billion) in yearly revenue.
The redevelopment also comes amongst a leadership change, with the resignation of the company’s CEO Choi Cheol Kyoo in early March – replaced by Nam Hun Gyu as acting CEO.
In January, the group reported a 30 percent drop in income for FY26, due to a ‘decrease in non-operating income’.
