"With the Determination of a Second Startup"... Kangwon Land Bets 2.5 Trillion on Leap to Integrated Resort

'K-HIT Project 1.0' Announcement
Largest Investment Plan Since Company Establishment
Casino and Hotel Construction, Creation of Complex Cultural Space, etc.

Kangwon Land aims to become a global integrated resort by investing approximately 2.5 trillion won by 2032 to expand hotels, casinos, and tourism content. With the determination of a second founding, the company presented its ambition to revitalize the abandoned mining area’s economy and lead the domestic tourism industry through the largest-scale investment since its establishment.

On the 2nd, Kangwon Land held a presentation for the 'K-HIT Project 1.0' at High1 Grand Hotel in Jeongseon-gun, Gangwon Province, announcing this investment plan as a new leap toward becoming Korea’s representative global integrated resort. The K-HIT Project 1.0 is Kangwon Land’s plan to strengthen future competitiveness. K stands for Korean, H for High1, I for Integrated, T for Tourism, and 1.0 signifies a new beginning.

Choi Cheol-gyu Acting CEO of Kangwon Land
Photo by Kangwon Land

As a detailed investment plan, 1.8 trillion won will be allocated for constructing a new casino and creating a complex cultural space. Additionally, budgets are assigned for building a new hotel (270 billion won), establishing a second casino operation site (80 billion won), constructing a sky bridge (100 billion won), wellness center and village (80 billion won), creating a luxury forest trail (100 billion won), and building signature pool villas (30 billion won).

First, by 2027, short-term plans include remodeling the casino VIP operation area, establishing the second operation site, and building the wellness center. By 2030, the sky bridge, luxury forest trail, and new parking lot will be completed. By 2032, a casino approximately three times larger than the current one, a new hotel, and the High1 integrated cultural space will be established.

Gangwon Land Mid- to Long-Term Investment Plan
Photo by Gangwon Land

The contents announced by Kangwon Land on this day are the result of three months of gathering and communicating opinions from all stakeholders?including experts, academia, related organizations, local residents, internal employees, and visiting customers?conducted by the 'Kangwon Land Integrated Resort Competitiveness Enhancement Special Committee' launched in January. Through this, the goal was set to revitalize the abandoned mining area’s economy and lead Korea’s tourism industry as a global K-integrated resort by 2032.

Specifically, the non-casino revenue ratio is targeted to increase from the current 13% to 30%, and the number of visitors is planned to expand from 6.8 million to 12 million. Quantitative goals also include creating 3,400 new jobs and expanding the proportion of foreign tourists by more than 1,000%. To activate foreign tourist attraction, the casino sector plans to adjust the operation standards of foreigner-only game zones to the level of other foreigner casinos. The non-casino sector will develop exclusive products and events targeting foreigners, such as K-Culture seasonal schools, hosting large international events, and medical tourism linked with health checkups.

Choi Cheol-gyu, Acting CEO of Kangwon Land, emphasized, "Through concentrated investment at the level of a second founding, Kangwon Land will leap forward as an integrated resort capable of competing in the global market, and by doing so, we will focus all company capabilities to revitalize the abandoned mining area’s economy and lead Korea’s tourism industry."