GGRAsia – Kangwon board nod US$128mln new casino and leisure space

Kangwon board nod US$128mln new casino and leisure space

Dec 03, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck

The board at Kangwon Land Inc, controller of Kangwon Land (pictured) – a South Korean resort with the only casino in that country open to locals – authorised at a Thursday meeting what it terms a “second casino venue” at the complex. The additional gaming space will provide an extra 50 tables and 250 gaming machines.

That would represent a 25.0 percent increase on the 200 tables mentioned as being at the property in September, at the time of the extension plan announcement, It would also signify an 18.4 percent rise on the 1,360 gaming machines mentioned as being in the property at the time of the September statement.

The details on the project approval had been mentioned in a filing to the Korea Exchange. GGRAsia verified the information from an official of Kangwon Land Inc, via a telephone enquiry on Friday. The country’s Ministry of Culture, Sports and Tourism approved the project on September 5.

Thursday’s board meeting approved investing KRW179.6 billion (US$127.9 million), to construct a three-storey building at a former theme-park area. The 16,161 square metres (approximately 173,956 sq. feet) of gross floor area will provide 5,748 sq. ms of operational area, encompassing the additional casino space, a shopping mall, and a theatre, as well as food and drink facilities.

The next step will be a public bid for construction work. The firm plans to have the new venue finished by December 2027, the company spokesperson confirmed to GGRAsia.

The new facility would mean that the Kangwon Land casino’s average floor space available per player – based on the permitted daily customer capacity at the resort –would expand circa 53 percent, from 2.31 sq. ms to 3.54 sq. ms, that spokesperson said. GGRAsia has observed on site visits that the level of demand from domestic customers is high, meaning would-be players often must queue to register for admission.

Kangwon Land is in a rural upland area three hours east of South Korea’s capital Seoul when travelling by road.

Kangwon Land Inc’s net income in the third quarter 2024, was KRW91.98 billion, up 24.3 percent year-on-year.