• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 2 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Kangwon Land outlines major increase in gaming tables, slot machines under US$1.9 billion expansion plan

Ben Blaschke by Ben Blaschke
Fri 6 Sep 2024 at 05:09
Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land, South Korea

21
SHARES
517
VIEWS
Print Friendly, PDF & Email

South Korea’s Kangwon Land, renowned as the only casino in the country at which locals are permitted to gamble, announced Thursday that it has received approval from the Ministry of Culture, Sports and Tourism to increase its gaming capacity as part of a US$1.9 billion expansion project.

The project, first unveiled in April, will include both the renovation of existing facilities and development of new offerings, among them a new luxury casino, a hotel and additional leisure facilities.

However, such expansion is not slated for completion until 2028, prompting analysts to question whether the news would be of any major interest to investors.

In a filing to the Korea Exchange, Kangwon Land revealed that its casino space would grow from 14,513 square meters currently to 20,261 square meters as part of the expansion, while the total number of gaming tables would increase from 200 to 250 and gaming machines from 1,560 to 1,860.

Betting limits in the dedicated foreigner-only zone will also be increased significantly from KRW300,000 currently to KRW300 million.

In announcing the capacity changes, Kangwon Land noted that the completion date of the expansion was not yet confirmed, however JP Morgan analysts DS Kim, Mufan Shi and Selina Li cited local media reports suggesting a 2028 completion date given additional approvals required and lengthy construction period related to non-gaming facilities, slated to include a performance venue, swimming pool and food court among others.

They also described the news as “tricky” to assess.

“On the positive side, this will be [Kangwon Land’s] first major casino expansion since 2012 and this suggests the policy backdrop remains pretty benign (if not favorable) to the local casino. We wouldn’t be too surprised if there will be further easing of restrictions [such as] changes in maximum betting limits given frustratingly sluggish business/demand environment that Kangwon Land is in, which – if it happens – would potentially bring in more immediate benefits to the business.

“On the negative side, however, 2028 is really, really far out even for long-term investors, especially considering the expansion may not necessarily lead to actual growth in revenues.

“The current trend is a case in point : Kangwon Land’s mass GGR has been tracking 5% to 10% below pre-COVID levels in recent quarters, although its effective capacity is more than 20% larger than pre-COVID levels. This indicates that the current downturn is clearly a demand issue, not really supply/capacity-led.”

JP Morgan also observed that raising the betting limit for foreigners would not move the needle given this side of the business accounts for less than 1% of revenues.

Nevertheless, Kangwon Land stocks grew by 12% on Thursday upon release of the update before moderating to around 7% later in the day.

As previously reported by Inside Asian Gaming, Kangwon Land endured a slower than expected post-COVID recovery in 2023, with JP Morgan analysts attributing the slowdown to the proliferation of illegal and grey-market gambling such as cash play at “Hold’em” pubs, as well as online casinos.

Aside from the impending opening of Osaka’s IR, Kangwon Land also faces competition from the rising Philippine gaming industry and from the potential legalization of casino gaming in Thailand.

RelatedPosts

Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower stretches run of consecutive volume and visitation growth to seven months as September hits record highs

Tue 2 Sep 2025 at 05:20
Zitro: Spanish flair

Zitro teases big reveal at G2E Las Vegas 2025

Mon 1 Sep 2025 at 14:40
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Suntrust confirms “strategic working agreement” with Travellers entities to cede construction, operational control of Manila casino project

Mon 1 Sep 2025 at 13:08
China’s largest travel agency discussing agreement with Korea Tourism Organization

South Korea’s gaming and tourism industries call for overhaul of regulatory framework amid rising regional competition

Mon 1 Sep 2025 at 05:34
Load More
Tags: casinoexpansiongaming tablesKangwon Landlocals gamblingslot machinesSouth Korea
Share8Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower stretches run of consecutive volume and visitation growth to seven months as September hits record highs

by Newsdesk
Tue 2 Sep 2025 at 05:20

Korea’s Jeju Dream Tower registered another all-time record in casino drop and visitation in August, stretching its run of consecutive growth to seven months. According to information from the property’s parent company Lotte Tour, August visitation reached 57,042 – up...

Editorial – Beware the Lion King

Macau’s Galaxy Entertainment Group opens new office in Singapore

by Pierce Chan
Tue 2 Sep 2025 at 05:05

Macau’s Galaxy Entertainment Group (GEG) has announced the opening of a new office in Singapore, which it says aims to support tourism and MICE-related enquiries from customers. Located in the heart of Singapore’s central business district, GEG said the office...

Zitro: Spanish flair

Zitro teases big reveal at G2E Las Vegas 2025

by Newsdesk
Mon 1 Sep 2025 at 14:40

Spanish gaming supplier Zitro says it is gearing up for a milestone appearance at this year’s Global Gaming Expo (G2E) in Las Vegas, promising an experience filled with new content, innovation and a highly anticipated product debut. Located in a...

Survey finds Thai locals mostly worried that legal casinos will increase problem gambling, crime and conflict

Chinese visitation, air capacity to Thailand are continuing to fall in 3Q25

by Newsdesk
Mon 1 Sep 2025 at 13:52

The number of Chinese tourist arrivals to Thailand continues to fall, with airlines increasingly slashing flights and visitation through August falling below already subdued forecasts, according to research from Maybank Securities. Just days after Thailand’s Constitutional Court ousted Prime Minister...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English