South Korea’s Kangwon Land Inc announced on Wednesday an update to its “K-HIT 1.0 Project”.
The multi-year scheme with a completion target of 2035 and a budget put at KRW3.00 trillion (US$2.04 billion) involves multiple elements (pictured in a rendering) for a revamp at its Kangwon Land resort, which has that country’s only casino facilities allowed to offer bets to locals.
The aim of the updated plan – announced on the premises of the existing complex – is to create a “global-standard integrated resort [IR]” by 2035, with the aim of attracting 13 million visitors annually, and KRW3.5-trillion in yearly revenue.
According to a press release issued on Wednesday, the firm’s acting chief executive, Choi Cheol-gyu, stated the success of the master plan depended on “government-level support” at national level.
This included exemption from what the release termed would be an otherwise-mandatory preliminary feasibility study, and relaxation of regulations as currently applied to Kangwon Land’s gaming operation.
Broad plans for K-HIT 1.0 were aired in April, as part of an effort to make the 25-year-old resort more competitive regionally and internationally, not just in terms of its appeal to a domestic clientele.
Wednesday’s presentation mentioned the updated plan – now referred to as “2025 K-HIT 1.0” – would have a “Grand Core Zone”, requiring approximately 71 percent of the revamp budget.
It will feature a domed entertainment venue and have a new gaming area referred to as “Grand Casino”; a “Media Dome Arena”; and three new hotel towers.
Kangwon Land Inc did not give any details regarding Grand Casino’s expected gaming table and slot machine numbers.
The press release issued in Korean said the new structures were to be integrated to mitigate the effects of what it called “seasonal constraints”. Kangwon Land includes a ski resort, and winter temperatures can reach as low as minus 10C at the upland complex.
Kangwon Land is located in a former mining area of Kangwon province, 150 kilometres (93 miles) east of the South Korean capital Seoul.
Under the revamp for the resort, the facilities would include “media-driven attractions to compete with overseas integrated resorts,” the release said. That was understood to refer to concerts and other large-scale events.
Separately in August, Kangwon Land Inc had mentioned plans for an under-construction new building, to include a second casino for the property. That update mentioned a likely launch for that new facility in early 2028. That is understood to be different from the fresh casino structure outlined in Wednesday’s announcement.
The 2025 K-HIT master plan also encompasses a spa resort and seven types of sport facilities.
A Kangwon Land Inc board meeting on Tuesday approved installation of an 846-metre (0.53-mile) -long cable car route and an extra 1,880 parking spaces, with completion scheduled for early 2028.
Also on that day, the company said a previously-announced plan to boost its corporate value had achieved “100 percent of 2024 targets”.
