South Korean Casino Kangwon Land to Expand Tourist Offerings
South Korea’s pioneering locals casino, Kangwon Land, has launched an integrated tourism initiative to attract more international visitors.
Kangwon Land casino gaming area. The operator also plans to enlarge its casino floor.
LISTEN TO THIS ARTICLE:Key features of the project include expanding the gaming floor and introducing a range of non-gaming attractions. The location already offers diverse non-gaming attractions, including two hotels, golf, a water park, and a ski resort.
Foreign visitor numbers have surged 476% to 25,000 this year. Still, Kangwon Land believes that expanding its non-gaming amenities will draw more global visitors and cement its position as a top destination.
The expansion plan also includes a bigger performance venue, an enlarged shopping district, and triple the number of existing restaurants. With these developments, the operator aims to increase non-gaming revenue from 13% to 30% by 2032.
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.
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Gaming Capacity to Increase
Although much of Kangwon Land’s latest expansion strategy focuses on adding more entertainment and tourism attractions, gaming remains the operator’s primary source of revenue. As such, it plans to also enlarge the casino floor.
In a significant development last month, Kangwon Land received regulatory approval from South Korea's Ministry of Culture, Sports, and Tourism to boost its gaming capacity by 30% to 20,260sqm and increase the foreign betting limit by 10,000% to KRW30 million.
Industry Sees Revenue Surge in 2023
In April, the Ministry of Culture, Sports, and Tourism published financial data on the South Korean casino industry's performance in 2023. The country’s 16 foreigner-only casinos and Kangwon Land reported a revenue of nearly KRW2.73 trillion ($1.98 billion), up from KRW1.94 trillion (US$1.4 billion) in 2022.
Breaking it down, Kangwon Land’s revenue for the year was KRW1.32 trillion (US$965 million), an increase of 7.9% compared to KRW1.22 trillion (US$883.6 million) in 2022.
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