Kangwon Land aims to become a leading IR with expanded non-gaming attractions??

Jenny Ortiz October 10, 2024

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Kangwon Land aims to become a leading IR with expanded non-gaming attractions??

Kangwon Land in South Korea has unveiled ambitious plans to evolve into a world-class integrated resort (IR), positioning itself to compete with global entertainment hubs like Las Vegas. As the only casino in the country accessible to locals, Kangwon Land is focusing on transforming its former mining-region location into a major tourist destination.?

Diversifying beyond the casino: A new focus on non-gaming attractions

Kangwon Land is committed to broadening its appeal by diversifying its offerings beyond gaming. Interim CEO Choi Cheol-kyoo, in an interview with The Korea Times, highlighted the resort’s goal of significantly increasing non-casino revenue from the current 13 percent to 30 percent by 2032. Planned developments include expanding performance venues, tripling the size of the shopping mall, and adding more dining options. These enhancements are designed to attract a wider range of visitors, creating a dynamic entertainment hub that goes beyond the gaming floor.

International exposure through global events

Kangwon Land is also strengthening its international presence by hosting prominent global events. This year, the resort’s High1 venue will be the site of the Asia Model Festival, featuring participants from 27 countries. This event is expected to draw millions of followers worldwide, increasing the resort’s global visibility and showcasing it as a premier destination for entertainment and tourism.

Investment in infrastructure and tourism development

To support its long-term vision, Kangwon Land has launched the “K-HIT” project (Korean High1 Integrated Tourism), which will see a KRW2.5 trillion (€1.69 billion) investment to expand the casino by over 30 percent. The project will also focus on enhancing non-gaming facilities, including luxury hotels, shopping areas, and entertainment options. This approach aims to cater to a diverse audience, from avid casino players to international tourists seeking cultural and leisure experiences.?

Adapting to the competitive Asian gaming market

Kangwon Land’s transformation comes amid growing competition in the Asian gaming industry, with neighbouring countries like Macau, Singapore, and Japan putting?investments in their integrated resort sectors. In response, South Korea has eased casino regulations, allowing for expanded casino floor space and higher betting limits for foreign visitors. These regulatory changes are expected to bolster Kangwon Land’s ability to attract international tourists and maintain its competitiveness in the region’s booming gaming and entertainment market.??