Kangwon Land, South Korea’s only casino that permits locals to gamble, has received approval from the Ministry of Culture, Sports, and Tourism for a significant expansion of its gaming facilities. The announcement came via a filing to the Korea Stock Exchange, highlighting the planned increase in the casino’s operating area and gaming devices. This expansion is set to enhance the customer experience, attract more visitors, and accommodate new clientele, including permanent residents.
The expansion will reportedly see the casino’s total area grow from 14,512.68 square meters to 20,260.68 square meters, according to Asia Gaming Brief, a substantial increase of 5,748 square meters. This marks a significant development for Kangwon Land, which has not undergone a major expansion since 2012. In addition to the expanded space, the number of gaming devices will rise from the current 1,560 to 1,860. This includes 50 new gaming tables, bringing the total to 250, and 250 additional slot machines, boosting the total to 1,610 machines.
Enhanced Gaming and Betting Options
As part of the upgrade, the casino’s foreigner-only zone will also be revamped. Previously restricted to foreign nationals, this area will now welcome permanent residents of South Korea, broadening its customer base. Furthermore, betting limits in this zone will undergo a significant change. The maximum betting limit will be raised from KRW300,000 (approximately $224) to a staggering KRW30 million (around $22,400). This increase is expected to attract higher-stakes players and enhance Kangwon Land’s competitiveness in the region.
However, the betting limit changes are contingent on the revision of the Enforcement Decree of the Tourism Promotion Act, which is still under review. As such, the company will provide more details once the legislative changes are finalized. Additionally, Kangwon Land noted that the number of gaming devices could be adjusted depending on the operating environment at the time of the expansion’s completion.
While the company has not yet provided a definitive timeline for the expansion, local reports suggest that it could be completed as late as 2028. This timeline accounts for the various approvals required and the construction of additional non-gaming facilities.
Market Response and Future Prospects
Industry analysts have reacted to the news with mixed opinions. A report from JP Morgan Securities (Asia Pacific) Ltd, cited by GGRAsia, noted that while the expansion marks Kangwon Land’s first major development in over a decade, its foreigner-only business contributes less than 1% of the company’s total revenue. As a result, the immediate financial impact of this change may be limited.
The JP Morgan team, led by analysts DS Kim, Mufan Shi, and Selina Li, stated: “On the positive side, this will be its first major casino expansion since 2012… and this suggests the policy backdrop remains pretty benign – if not favorable – to the local casino.” However, they also expressed caution, pointing out that the long-term target of 2028 may not offer immediate growth, given the sluggish demand environment in which Kangwon Land operates.
Despite the expanded capacity, the company’s gross gaming revenue has been tracking 5% to 10% below pre-COVID levels, suggesting that the current downturn is driven more by demand issues than by supply constraints. The analysts further noted that the planned expansion might not result in an immediate increase in revenue but could position the casino for future growth once demand stabilizes.
Expansion Plans and Strategic Moves
In addition to the gaming area expansion, Kangwon Land is investing heavily in its broader property development. The casino operator announced earlier this year a KRW2.5 trillion ($1.9 billion) investment in a new phase of development for its resort, set for completion by 2032. This investment aims to strengthen the property’s appeal to both local and international visitors by enhancing non-gaming amenities and expanding its overall footprint.
Furthermore, Kangwon Land has been actively pursuing strategies to attract foreign players. In April, the company made agreements with sales agencies in Taiwan and the Philippines, aiming to tap into these overseas markets. This follows a series of upgrades to its VIP services and facilities, as the company seeks to boost its appeal to high-end clientele.
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