Kangwon Land Casino & Hotel is located in Gangwon Province. The picturesque but remote mountainous region borders the DMZ between North and South Korea. The property, about 150 kilometres from Seoul, opened in 2000 in a onetime coal mining community.
“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,” said Kangwon vice president and interim CEO Choi Cheol-kyoo. “Distance is no longer a barrier in today’s world, and we aim to create a world-class destination here.”
Emphasising entertainment
The complex already boasts multiple non-gaming attractions. It has two hotels, a golf course, a water park and one of South Korea’s largest ski resorts. To date this year, some 25,000 foreigners have visited the property, up 476% over 2023.
But Kangwon Land believes an expansion of non-gaming amenities—especially entertainment—will attract even more global visitors to South Korea.
“People are willing to travel long distances to Las Vegas to enjoy the shows and performances,” said Choi. “We aim to develop a similar complex in our vicinity.”
The blueprint includes a bigger performance venue, an expanded shopping district and “triple the number of restaurants.” The company has set a target to boost non-gaming revenue from 13% to 30% by 2032.
Following the traditional IR model
Kangwon Land’s planned expansion follows the integrated resort model that has been successful in Vegas, Singapore, Macau and elsewhere.
At a recent tourism seminar in Seoul, hospitality expert Yoon Tae-hwan said non-gaming features “craft a resort’s identity.”
Chen Si, president of the newest IR in South Korea, Mohegan Inspire in Incheon, agreed that non-gaming is “not only about entertainment and hospitality.” It’s key to “sustainable growth … and providing novel, unparalleled experiences to visitors from all around the world.”
Gaming floor expansion
But the lion’s share of revenue still comes from gaming. And Kangwon Land’s KRW2.5tn (£1.42bn/€1.69bn/$1.85bn) Korean High1 Integrated Tourism (K-HIT) plan would also expand the casino floor.
Last month, South Korea’s Ministry of Culture, Sports, and Tourism approved a 30% expansion of the gaming floor, from 14,500 to 20,260 square meters. It also raised the maximum bet by foreigners from KRW300K to KRW30m.
Original article: https://igamingbusiness.com/uncategorized/south-korea-locals-casino-to-invest-billions-in-non-gaming/
