Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, has launched an SME support program through which it will work with domestic suppliers to develop casino technology, including slot machines.
The program, titled the “2025 Integrated Mutual Growth Project” aims to vitalize the domestic casino device manufacturing industry while reducing its own research and development (R&D) costs, the company explained.
It will offer opportunities for local SMEs having trouble breaking into the supplier market by supporting R&D costs, providing expert consulting, securing volume and sales, and providing support for expanding sales channels.
Through this, Kangwon Land said it expects to reduce the cost of R&D of new products, strengthen the competitiveness of its self-manufactured machine products, contribute to mutual growth with SMEs and revitalizing the economy of the closed mine areas of the surrounding region.
Park Young-shin, head of Kangwon Land’s shared growth division, said, “This project is a step toward entering the global casino market by creating shared value with excellent domestic small and medium-sized enterprises, creating a substitute effect for imported products and accumulating domestic technology.
“We will do our best to make it an exemplary case of public-private cooperation and overseas joint advancement by diversifying domestic casino devices including slot machines.”
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.
