Published on: October 10, 2024, 01:08h.
Last updated on: October 10, 2024, 01:10h.
Kangwon Land, a secluded casino resort owned by the South Korean government, aims to broaden its appeal beyond just gamblers.
Kangwon Land is the sole location in South Korea where Koreans can gamble, as other casinos in the country are reserved for foreigners.
In April, the South Korean government announced a 250 trillion Korean won (US$1.84 billion) investment to enhance the Kangwon Land casino floor and upgrade the resort’s facilities.
The project includes the development of a new high-roller luxury casino, more hotel rooms, and the renovation of existing resort facilities. This expansion will increase the Kangwon Land casino floor by approximately 30%.
Kangwon Land is a collaboration between the South Korean government’s Ministry of Trade, Industry, and Energy and the Kangwon Province’s Development Corporation. The casino currently features around 1,000 slot machines and 130 live dealer table games.
Las Vegas Playbook
In an interview this week with The Korea Times, Kangwon Land Interim CEO Choi Cheol-kyoo mentioned that the investment aims to attract non-gamblers to the resort.
Situated in a remote area of the Kangwon Province on former coal mine grounds, Kangwon Land is located roughly 100 air miles east of Seoul and less than 100 miles south of the North Korean border.
Choi stated that while Kangwon remains primarily a destination for South Korean gamblers due to legal restrictions elsewhere, his goal is to enhance the resort’s appeal to non-gamblers as well.
Just as Las Vegas evolved from a desert mining town into a global entertainment hub, Kangwon Land has the potential to transform from a former coal mining region,” Choi said. “Distance is no longer a barrier in today’s world, and we aim to create a world-class destination here.”
Traveling from Seoul to Kangwon Land takes just over an hour by bus, train, or car. Choi believes the ability to escape to a different part of the world in such a short time will resonate well with Koreans.
He plans to enhance the destination by introducing new dining options, expanding the existing retail shopping mall, and launching a larger performance venue to host popular K-pop acts.
“People are willing to travel long distances to visit Las Vegas in the middle of the desert and enjoy the shows and performances. We aim to develop a similar complex in our vicinity,” Choi explained.
The goal is to establish a resort known for its entertainment and culinary experiences as much as its casino. Choi aims for non-gaming revenues to make up 30% of Kangwon Land’s revenues by 2023.
Japan on Mind
Choi acknowledged that his efforts to enhance Kangwon Land’s offerings are partly to retain Koreans seeking gambling and top-tier entertainment within the country. An integrated casino resort by MGM Resorts is set to open in Osaka, Japan, by 2030, and substantial investments in casino resorts in Macau and the Philippines are ongoing.
With countries like Macau, the Philippines, and Japan heavily investing in their casino industries, we feel the pressure to modernize and compete on a global scale,” Choi stated.
Kangwon Land is also targeting Asian high rollers who previously frequented Macau before the Chinese enclave cracked down on junket groups. Junkets have since moved their operations, focusing on transporting Chinese high rollers to luxury resorts in the Philippines, Vietnam, and commercial properties in South Korea.
Kangwon Land recently announced an increase in maximum bets for foreigners from 300K Korean won to 300 million won.