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Kangwon Land tripled casino space to reorganize $1.85 billion

Kangwon Land Korea's Kangwon Land, which operates a casino resort complex (pictured), has announced a new phase of W2.5 trillion (US$1.85 billion) that will triple its casino space by 2032.

Kangwon Land officials confirmed this information in response to a telephone inquiry from GGRAsia on Tuesday.

The company presentation, released that day and reviewed by GGRAsia, said the new phase has a working title of "K-HIT Project 1.0." 'K' stands for Korean, 'H' stands for High1 Resort, 'H' stands for Kangwon Land's entire complex name, 'I' stands for unity, and 'T' stands for tourism.

According to the plan, the resort's gaming space will expand to 49,500 sq. m (532,814 sq. ft.) from the current 15,486 sq. m. Of the new investments, a total of W1.8 trillion will be spent on gaming.

Kangwon Land, the only casino in Korea, is on a rural highland about three hours east of Seoul. Kangwon Land's promoters recently announced plans to expand the attractiveness and marketing efforts of the place to attract more players from overseas.

Choi Chul-kyu, interim head of Kangwon Land, said in the announcement that the investment in the game zone "is aimed at addressing the current chronic shortage of [player] seats in the stadium."

There have been frequent reports in domestic and foreign media that there are so many cases where prospective players have to line up to register their entrance because of the demand from domestic customers

Choi said in the announcement that it is set to open in 2030, anticipating a potential competitive threat from MGM Osaka, Japan's first casino integration resort (IR).

"With the opening of the integrated resort in Osaka, Japan, just 90 minutes by air from Korea, Kangwon Land's local casino monopoly is virtually broken and we want to invest heavily to strengthen our global competitiveness," Choi said.

His announcement added that since expanding the venue can take 7-8 years, the company will spend W80 billion to establish a temporary 3,960-square-meter casino site near its current location in two to three years.

Business goals related to the expansion include raising Kangwon Land's maximum betting limit from its current level of 300,000 won to 2027, and reorganizing existing VIP casino facilities.

The new phase also includes a plan to expand the hotel, which will invest 270 billion won out of a total of 2.5 trillion won, a new villa with a swimming pool that will invest 30 billion won, and a plan to expand the hotel with 280 billion won in other facilities.

The presentation outlined some of Kangwon Land's future goals. They included: increasing annual resort visitors from the current 6.8 million to 12 million; increasing foreign visitors tenfold; and increasing the proportion of non-casino sales to casino sales to 30% from the current 13%

BY: 무료슬롯사이트

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