1. Background and History
Kangwon Land Inc. (referred to as “Kangwon Land”) was established on June 29, 1998, to revitalize the economy of abandoned mining regions in South Korea following the decline of the coal industry. Its foundation was based on the Special Act on Assistance to Development of Abandoned Mine Areas, with tourism positioned as an alternative industry to drive regional economic recovery.
The company opened a small casino on October 28, 2000, followed by the grand opening of its main casino on March 28, 2003. Kangwon Land expanded its operations into a comprehensive resort by adding a ski resort, golf course, and luxury hotels. Additionally, it launched two subsidiaries in 2009, High1 Entertainment and High1 Motor Resort, to promote tourism-related initiatives and strengthen regional collaboration.
Kangwon Land is a publicly funded corporation with combined investments from Korea Mine Reclamation Corporation (KMRC), the Gangwon Provincial Development Corporation, and several local governments. The company raised approximately 107 billion KRW, with public investments holding 51% of shares, private investors holding 44%, and company-owned shares making up 5%. KMRC serves as the major shareholder, with a 36% stake in the company.바카라게임사이트
Funding Details (KRW Million)
- KMRC: 38,794
- Gangwon Provincial Development Corporation: 6,243
- Jeongseon County: 1,337
- Samcheok City: 1,337
- Yeongwol County: 1,070
- Gangwon Province: 515
- Private Sector: 46,570
- Treasury Stock: 5,601
- Total: 106,970
Share Distribution (%):
- KMRC: 36.27%
- Gangwon Provincial Development Corporation: 5.86%
- Jeongseon County: 4.90%
- Samcheok City: 1.25%
- Yeongwol County: 1.00%
- Gangwon Province: 0.48%
- Private Sector: 51.01%
- Treasury Stock: 5.24%
2. Facility Overview
Kangwon Land’s resort spans 5,324,432 square meters across Jeongseon County, comprising casinos, hotels, a ski resort, golf courses, and other recreational facilities. The casino, located within Kangwon Land Hotel, covers 12,792.95 square meters and features an extensive collection of 200 table games and 1,360 gaming machines.카지노 사이트
Casino Game Breakdown:
- Table Games: 88 Baccarat tables, 70 Blackjack tables, 14 Roulette tables, 7 Dice games, 16 Poker tables, 2 Big Wheel tables, and 3 Casino War tables
- Machine Games: 296 slot machines and 1,064 video game units
Kangwon Land also operates High1 Hotel & Golf Course, featuring an 18-hole course and conference halls, as well as High1 Ski Resort & Condos with a slope area covering 947,000 square meters and total slope lengths of 21 kilometers.
3. Business Performance
Kangwon Land achieved impressive growth in 2016, recording 1.63 trillion KRW in net revenue, a 4.3% increase compared to the previous year. Daily sales averaged 4.45 billion KRW, with a steady upward trend over recent years. Casino visitor numbers reached 3.17 million in 2016, up 1.1% from 2015, demonstrating the company’s resilience and appeal despite occasional declines in previous years, such as 2006 and 2011.카지노사이트
2016 Casino Performance Highlights:
- Daily Average Revenue: 4.45 billion KRW (+4.0% YoY)
- Total Visitors: 3.17 million (+1.1% YoY)
- Daily Average Visitors: 8,658 (+0.8% YoY)
4. Property Specifications
Kangwon Land Hotel & Casino
- Location: 424 Sabuk-ri, Sabuk-eup, Jeongseon County, Gangwon Province
- Total Land Area: 274,388 sqm
- Building Areas:
- Hotel: 72,040 sqm
- Convention Hotel: 46,699 sqm
- Casino: 12,792.95 sqm (licensed area)
- Former Theme Park & Office Space: 10,390 sqm
- Parking & Festa Plaza: 74,728 sqm
- Auxiliary Facilities: 5,062 sqm
High1 Hotel & Golf Course
- Location: 1-139 Gohan-ri, Gohan-eup, Jeongseon County, Gangwon Province
- Land Area: 53,954 sqm
- Golf Course: 18 holes, Par 72, course length of 6,583 meters
- Building Areas:
- Hotel: 19,296 sqm
- Conference Hall & Gondola Station: 4,952 sqm
High1 Ski Resort & Condos
- Location: 1-17 Gohan-ri, Gohan-eup, Jeongseon County, Gangwon Province
- Total Land Area: 4,996,090 sqm
- Slope Area: 947,000 sqm, with a vertical drop of 680 meters
- Condo Area: 195,156 sqm
5. Contributions to Public Finance
In 2016, Kangwon Land contributed 6.33 billion KRW to public finances through taxes and other levies. These contributions included 3.04 billion KRW in national and local taxes, as well as 3.29 billion KRW in mandatory funds, such as the Tourism Promotion and Development Fund (1.62 billion KRW) and the Abandoned Mine Area Development Fund (1.67 billion KRW). These financial contributions demonstrate Kangwon Land’s commitment to supporting regional development and tourism promotion efforts.
Kangwon Land’s unique positioning as the only casino in South Korea where domestic residents are permitted to gamble has made it an essential part of the country’s tourism and entertainment sector. Its focus on sustainable growth, community involvement, and public contribution ensures that it remains a cornerstone of regional economic revitalization while providing world-class leisure and entertainment services. Through continuous investments and strategic initiatives, Kangwon Land aims to maintain its competitive edge and foster long-term growth in both domestic and international markets.