Kangwon Land Expands Casino Operations with More Gaming Tables and Higher Betting Limits

Kangwon Land, South Korea’s sole casino where locals can gamble, has received approval from the Ministry of Culture, Sports, and Tourism to significantly expand its facilities. This expansion, detailed in a Korea Stock Exchange filing, will increase the casino’s area from 14,512.68 to 20,260.68 square meters and add new gaming devices. The casino will add 50 new gaming tables and 250 slot machines, raising its totals to 250 tables and 1,610 slot machines.

Enhanced Gaming and Betting Options

The casino’s foreigner-only zone will be updated to include permanent South Korean residents, broadening its customer base. Betting limits in this zone will rise from KRW300,000 (about $224) to KRW30 million (around $22,400). This change aims to attract high-stakes players, although it depends on the revision of the Enforcement Decree of the Tourism Promotion Act.

Market Response and Future Prospects

Analysts have mixed reactions. While the expansion is Kangwon Land’s first major development since 2012, it contributes less than 1% to total revenue, so immediate financial impact may be limited. Analysts suggest the expansion may not boost revenue immediately but could benefit future growth.

Expansion Plans and Strategic Moves

Kangwon Land is also investing KRW2.5 trillion ($1.9 billion) in a new resort phase, set for completion by 2032, to enhance non-gaming amenities and attract both local and international visitors. Additionally, the casino has secured agreements with sales agencies in Taiwan and the Philippines to attract foreign players.