Kangwon Land, the only casino in South Korea to allow local Koreans to gamble, has received approval for its expansion plans.
The property has received a notification from the Ministry of Culture, Sports and Tourism regarding its casino business licence, approving of the changes in its “casino business area.”
The changes mentioned included expanding its original casino area of 14,512 square metres to 20,260 square metres. Along with the area expansion would be an increase in gaming facilities and machines, adding 50 new tables to its existing 200 tables, and adding 250 gaming machines to its existing 1360 machines.
Its foreign-player-only zone would include Permanent Residents as well, with an increase in betting limits from KRW 300,000 ($224.63) to KRW 300m ($200,000). The change in the betting limit for the foreign-player-only zone, however, required the revision of the Enforcement Decree of the Tourism Promotion Act and would be subject to change during the revision process of the law.
Kangwon Land saw an 8.3% year-on-year increase to KRW 337.7bn in its Q2 2024 revenue; a marked difference from its fellow South Korean licensed foreign-player-only operators, which both saw a year-on-year decrease in revenue.
Paradise Co. experienced a 1.3% year-on-year fall, while Grand Korea Leisure experienced a 38.2% decrease year-on-year.
