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South Korea’s Kangwon Land Aims to Become Global Integrated Resort
The resort plans to invest billions in non-gaming and gaming amenities, becoming the Las Vegas of South Korea
Across the globe, integrated resorts (IRs) help gather live entertainment, gaming, hospitality and other amenities, all available at a single location. Helping attract tourists from all across the globe, such establishments are an important business driver, creating not only new jobs but contributing millions and even billions to local economies.
Kangwon Land Intends to Continue Growing
Focusing on growing and attracting more visitors than ever before, one South Korean casino and resort operator confirmed its intention to bring the glamor of Las Vegas to the country. This is the plan of Kangwon Land, the operator of the large-scale casino resort in Gangwon Province.
Kangwon Land’s interim CEO, Choi Cheol-kyoo, recently confirmed the operator’s intentions in an interview for The Korea Times. Currently, the casino resort is the only one in South Korea that accepts local gamblers. Still, the development attracts tourists from across the globe with its wide range of amenities, including luxury hotel accommodation, ski attractions, golf courses and other non-gaming amenities.
Since the start of the year, approximately 25,000 foreign tourists have visited Kangwon Land. Compared to the corresponding period last year, this figure represented an increase of a staggering 476%. However, in the words of Cheol-kyoo, the casino resort is expected to continue growing, investing in gaming and non-gaming amenities and transforming itself into South Korea’s Las Vegas.
The Hotel and Casino Resort Is Prepared to Invest Heavily in Gaming and Non-gaming Amenities
The operator’s ambitious plans do not come as a surprise, considering the success of IRs based on the model in Las Vegas that can be found in Macau, Singapore and other Asian countries. In the words of the executive: “Just as Las Vegas transformed from a desert mining town into a global entertainment hub, Kangwon Land has the potential to transform from a former coal mining region. Distance is no longer a barrier in today’s world, and we aim to create a world-class destination here.”
Cheol-kyoo confirmed that Kangwon Land anticipates significantly expanding its non-gaming offering. A focus in that vertical would be entertainment and performance venues which will be larger and deliver “constant performances.” Moreover, the interim CEO spoke about the operator’s plans to increase the number of restaurants by threefold, while also expanding the current shopping outlets and other attractions.
An important piece of Kangwon Land’s growth plan would involve the expansion of the existing casino floor. According to the executive, the current casino space will increase by 30%, while new games will also be added that will appeal to different audiences.
Not unexpectedly, a major part of the revenue of Kangwon Land comes from casino operations. Still, the executive confirmed that the operator plans to significantly increase its non-gaming revenue from the current 13% up to 30% by 2032. In total, the investment planned by the operator has a price tag of $1.85 billion, a figure that signals the seriousness of its intentions.
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