Kangwon Land in S.Korea spending US$4mln on new chips

Jul 07, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck, Trends & Tech  

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Kangwon Land Inc, promoter of Kangwon Land (pictured in a file photo), the only South Korean casino resort permitted to let locals gamble, has plans to replace all its casino chip inventory by next year.

Several local media outlets reported this week that Kangwon Land Inc had announced plans to spend KRW5.7 billion (US$4.38 million) to produce 631,200 new casino chips by 2024.

The reports said it would be the third time in 20 years that casino chips used at the property would be “gradually phased out and scrapped”. However, unlike the partial-replacement exercises that took place in 2008 and 2010, this time all chips are eventually to be replaced.

Hygiene was one reason mentioned, given the high usage of the resort’s chips. Its low-denomination chips have been in service since 2003, when the main casino at Kangwon Land began operation. There are currently more than 1 million chips issued at Kangwon Land.

The denominations for the new chips will be KRW5,000, KRW10,000, KRW100,000, and KRW1 million. They will also incorporate “advanced high-security technology”, said the reports.

Kangwon Land Inc swung to a net profit attributable to the shareholders of the parent, amounting to KRW101.54 billion in the first quarter of 2023, compared to a net loss of KRW5.85 billion in the prior-year quarter.

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