South Korea’s Kangwon Land has outlined plans to build a new slot machine manufacturing plant in nearby Taebaek City.
The only casino in South Korea at which locals are allowed to gamble, Kangwon Land also owns its own slot machine brand called KL Saberi, distributed globally and across some Asian markets.
The company announced this week that it is in discussions with Taebaek City authorities over development of the manufacturing plant, which is seen as an important regional cooperation project. According to local media reports, Kangwon Land CEO Lee Sam-geol met with Taebaek City mayor Lee Sang-ho on Tuesday with a view to signing an agreement. An internal report on the state of the company’s slot business is also due to be handed down next week.
“The plan for the establishment of a slot machine manufacturing plant is being prepared as a regional cooperation project that can be done with Taebaek City,” a Kangwon Land representative said.
Kangwon Land also revealed plans recently to expand its footprint via a US$24 million revamp of its casino, including expansion of the casino floor by 10% to 15,486 square meters.
This after South Korea’s government 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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