The Korea Casino Tourism Association and Korea Tourism Society will this week host a two-day forum in Osaka, Japan where they will study the likely impact of the US$9 billion MGM Osaka integrated resort project on South Korea’s casino industry.
According to a report by The Korea Bizwire, the forum will bring together around 50 officials, academics and industry experts to study Japan’s IR strategy and explore policy and business responses. The report cites concerns that MGM Osaka could draw 7.6 million Korean visitors annually, posing a particular threat to Korea’s only casino for locals, Kangwon Land, but also the 17 foreigner-only casinos that target Korea’s expat community and other Southeast Asian nations – including Japan.
Kangwon Land has responded to such concerns by initiating plans to transform its existing High1 resort area into a global wellness and sports resort – a project it calls “K-HIT”.
In a statement issued Sunday, Kangwon Land’s acting CEO Choi Cheol-gyu said, “Korea’s casino and tourism industry faces a pivotal test. Through phased innovation strategies like K-HIT, we aim to secure competitiveness, revitalize the mining region economy and strengthen Korea’s global standing in integrated resorts.”
MGM Osaka will upon opening in or around 2030 boast Japan’s only licensed casino plus 2,500 hotel rooms across three hotel brands, 730,000 square feet of MICE space and tourism facilities to showcase the best of Osaka and Japan, according to information from parent company MGM Resorts.
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