South Korea’s only casino open to locals, Kangwon Land, is set to expand its footprint after directors agreed on Friday to invest almost US$24 million into a revamp.
The decision follows approval from the Ministry of Culture, Sports and Tourism late last year to expand the size of the casino floor by 10% to 15,486 square meters. According to local media reports, the current floor space of the casino at Kangwon Land is only about 60% of the size of some foreigner-only casinos despite accounting for around 50% of Korea’s annual GGR.
Directors on Friday approved an investment of KRW28.4 billion (US$23.7 million) for the expansion plus a design cost of KRW1.2 billion (US$1 million).
The goal is to improve ease of movement around the property with the revamp to include increasing the number of seats from 140 to 240 and installing escalators, among other additions.
The company is also looking to reopen gaming tables that have been closed due to the COVID-19 pandemic
“We expect that the reinstallation of 32 table games that are not operating in accordance with the COVID-19 quarantine guidelines will help normalize casino business as well as prevent the spread of the new coronavirus infection [by] maintaining distance between guests,” an official was quoted as saying.
South Korea last year voted to extend Kangwon Land’s casino license for an extra 20 years until 2045 in return for certain adjustments to its tax rate.
Located 150 kilometers (93 miles) from Seoul, Kangwon Land was borne out of Korea’s conversion to gas and oil for energy, leading to the closure of mines in Gangwon province in 1989.
Legislation in 1995 encouraged redevelopment of abandoned mining areas, prompting local, provincial and national authorities to found Kangwon Land Inc, which is 51% government owned and overseen by the national Ministry of Knowledge Economy.
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