Casino to double with $1.2 bil plan

Kangwon Land’s status as a major Asian casino is threatened by gaming centers across Asia ; Kangwon Land Casino, the country’s most popular casino and the only one open to Korean citizens, will double in size by early 2012, according to the operator.

Choi Young, CEO of Kangwon Land, told reporters yesterday that the expansion plan for the 6,000-square-meter casino has received the government’s approval.

A total of 3.4 million people visited the casino, located in Jeongseon, Gangwon, last year, spending around 1.1 trillion won ($968 million). That’s more than the combined number of visitors and sales recorded last year at all of Korea’s other 16 casinos.

At its current size, however, Kangwon Land qualifies only as a mid-sized casino, and the operator says it has become too cramped.

“There have been many complaints from customers that the casino is too small,” said Choi. “We will provide comfortable service by expanding it.”

The expansion is part of a plan to renovate the entire Kangwon Land resort.

Choi said a total of 1.39 trillion won will be spent by 2012 on the overhaul of Kangwon Land, which also includes hotels, a golf course, a ski slope, condominiums and a theme park. The resort attracted 4.3 million visitors and 1.2 trillion won in sales last year.

The investments will boost the number of annual visitors to the resort to 7 million by 2012, Choi said. The renovation includes construction of a 500-room condominium and a 22-story hotel with a convention center.

Choi said the new facilities will strengthen the competitiveness of the resort in the face of challenges from inside Korea and out.

A temporary tax break given to Kangwon Land in recognition for reviving the economy of the region, which is dotted with closed mines, will expire in 2015. Its status as a major Asian casino is also threatened by the rapid growth of the gaming industry in other Asian locales.

Kangwon Land Casino claims it is the largest individual casino in Asia in terms of number of visitors. There are around 130 casinos located in Asia, including dozens in Macau.

“The expiration of the special mine law in 2015 and deepening competition within the Asian casino industry has made it essential for us to establish a vision to become Asia’s best four-season resort,” said Choi.

Thanks To : JOONGDAILY

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