Kangwon Land is embarking on a significant development project, planning to introduce a new casino complex with a capital investment of KRW2.5 trillion (equivalent to £2.4 billion, €2 billion, or US$1.9 billion). The construction is set to commence this month, aiming for completion by 2032.
Approved by the South Korean government on September 5, this expansion will enhance the gaming area by 40%, increasing the size from 14,512 square meters to 20,260 square meters. The number of gaming tables will increase from 200 to 250, and an additional 250 slot machines will be installed, totaling 1,610 machines overall.
Notably, the betting limits for international visitors will see a substantial rise, jumping from KRW300,000 to KRW300 million—a thousand-fold escalation.
According to a report in September by [Douglas Research](https://douglasresearch.substack.com/p/kangwon-land-regulatory-improvements), these regulatory modifications are anticipated to lead to “higher sales and profits, as well as increased valuation multiples.”
### A Strategy to Counteract Competition
The [Korean Economic Daily](https://www.kedglobal.com/travel-leisure/newsView/ked202403290015) highlights that the South Korean resort’s visitor numbers have been affected by its location in the remote mountainous region of Gangwon Province, roughly 87km from Seoul.
The casino is also facing competition from a newcomer. Mohegan Entertainment has recently opened the luxurious [Inspire Entertainment Resort](https://igamingbusiness.com/casino/mohegan-inspire-q2-south-korea/) in March, situated near Incheon International Airport.
Kangwon Land Inc is strategizing to buffer against future competitive pressures. Currently, MGM Resorts Japan is constructing a major [integrated resort in Osaka](https://igamingbusiness.com/casino/mgm-resorts-cfo-analysts-upbeat-on-japan/), slated to open on Yumeshima Island by 2030.
### Expanding Non-Gaming Revenues
In October, Kangwon Land’s interim CEO, Choi Cheol-kyoo, expressed to the [Korea Times](https://www.msn.com/en-us/travel/news/interview-kangwon-land-aspires-to-be-koreas-las-vegas/ar-AA1rWHRh?ocid=BingNewsVerp) his aspiration for the casino to emulate Las Vegas as a major entertainment hub within South Korea.
“Much like how Las Vegas evolved from a desert mining settlement into a global entertainment center, Kangwon Land has the potential to transition from a former coal mining district,” he explained. “In today’s world, distance is no longer an inhibiting factor, and we are determined to establish a world-class destination here.”
With this goal in mind, the expansion will include a new hotel, a larger performance venue, and an extended retail area. The number of dining establishments will be tripled, and cultural alongside healthcare facilities will be introduced.
The CEO stated, “Our ambition is to create an entirely new resort featuring continuous performances, numerous attractions, and diverse dining options.” The operator anticipates that these enhancements will [attract more international tourists](https://igamingbusiness.com/casino/south-korea-locals-casino-invest-non-gaming-amenities/) and elevate non-gaming revenue from 13% to 30% by the year 2032.