INTERVIEW Kangwon Land aspires to be Korea's Las Vegas
Choi Cheol-kyoo, interim CEO of Kangwon Land, speaks during an interview with The Korea Times at his company's headquarters in Jeongseon, Gangwon Province, Sept. 27. Korea Times photo by Choi Won-suk
JEONGSEON, Gangwon Province — Kangwon Land, the operator of a casino and resort complex located in Gangwon Province, declared early this year that it would make a great leap forward to become a global integrated resort. With a keen focus on transforming the resort, nestled in a beautiful highland surrounded by nature, the company ambitiously sets its sights on becoming Korea's Las Vegas.
"Just as Las Vegas transformed from a desert mining town into a global entertainment hub, Kangwon Land has the potential to transform from a former coal mining region. Distance is no longer a barrier in today's world, and we aim to create a world-class destination here," Choi Cheol-kyoo, interim CEO of Kangwon Land, said during an interview with The Korea Times at his company's headquarters in Jeongseon County, Gangwon Province, Sept. 27.
An integrated resort is a complex featuring casinos, hotels and various entertainment facilities. It is a major driver of tourism, attracting a wide range of visitors. Las Vegas is a classic example of a city that has thrived on integrated resorts.
"People are willing to travel long distances to visit Las Vegas in the middle of the desert and enjoy the shows and performances. We aim to develop a similar complex in our vicinity. We plan to integrate a larger performance venue, expand the existing shopping mall threefold and triple the number of restaurants. The goal is to create a completely new resort with constant performances, abundant attractions and a wide variety of dining options," he said, adding that the company will boost non-casino revenue from 13 percent to 30 percent by 2032.
Kangwon Land resort in Jeongseon, Gangwon Province / Courtesy of Kangwon Land
Choi said the upcoming Asia Model Festival is part of such efforts. This year's event with participants from 27 countries is scheduled to take place at Kangwon Land's High1 Resort from Oct. 30 to Nov. 3. This marks the first time Kangwon Land is hosting the international event.
"Each participating country holds its own competition to select the top models who then come to our High1 Resort. These models are huge influencers with millions of followers. Hosting the model festival at High1 will give us global exposure," Choi said, pinning high expectations for the event. "By hosting this event, we aim to showcase our iconic locations like Untan Godo, a hiking trail connecting the old coal transport road, to millions of followers through the participating models."
In January, the company successfully hosted some events of the Youth Winter Olympics, an internationally recognized world competition. With around 80 participating countries, the events held at the resort received overwhelmingly positive feedback, according to Choi.
"The participants praised the convenient location of the ski resort and the condominium, spacious accommodations and diverse culinary options. This competition has significantly enhanced our company's global reputation and positioned us for future international opportunities," he said.
Athletes compete during the 2024 Youth Winter Olympics at High1 Resort in Jeongseon, Gangwon Province, Jan. 26. Courtesy of Jeongseon County
Other programs to attract foreign tourists to the resort are in discussion as well. An international winter camp for youth during the school winter break will offer ski lessons, along with other activities where visitors can get a glimpse of Korean culture through K-pop dance and K-beauty classes, and hands-on activities like making Korean food including rice cakes and bibimbap.
While Kangwon Land's casino is the country's only place where locals can gamble, it is also attracting foreign visitors. In the first half of this year, the number of foreign visitors to Kangwon Land's High1 Resort and the casino increased significantly. Some 25,000 foreign tourists visited the venue in the first half of the year, an increase of 476 percent compared to the previous year, according to Kangwon Land. Through its various efforts, the company expects the number to grow further in the future.
Kangwon Land also earlier this year announced a long-term investment project called "K-HIT," an acronym derived from "Korean High1 Integrated Tourism." Under the project, the developer plans to invest a total of 2.5 trillion won ($1.85 billion) to expand its current casino floor space by over 30 percent and diversify its offerings, in line with efforts to appeal to a broader audience through investment in non-casino sectors.
The CEO spearheading the resort's transformation said his sense of urgency has been behind the initiative.
"During the COVID-19 pandemic, the illegal gambling industry, such as illegal online casino games and underground poker clubs, prospered, while the legal market contracted. As travel restrictions eased, we witnessed many people engaging in casino activities overseas, further heightening our sense of crisis," he said. "With countries like Macao, the Philippines and Japan investing heavily in their casino industries, we feel the pressure to modernize and compete on a global scale."
People play games at a casino in Kangwon Land in Jeongseon, Gangwon Province. Courtesy of Kangwon Land
In Asia, countries like Macao and Singapore have also embraced this model. Japan is the latest to join the trend, with plans for a large-scale casino resort in Osaka.
The good news is that the Ministry of Culture, Sports and Tourism eased rules on casino operations in September, allowing expansion of the casino floor and increasing betting limits to 300 million won from 300,000 won for overseas visitors, who are expected to boost foreign tourism.
Choi stressed that in order to transform Kangwon Land to a global tourism destination, public perceptions should change.
"I believe it's high time for a shift in public perception. The integrated resort industry, including casinos, should be recognized as a new growth engine for the tourism industry," he said, adding that the current perception of it as a mere gambling industry is somewhat contradictory.
"Koreans admire and visit places like Las Vegas, Macao and Singapore, which offer both entertainment and casinos. We don't label them as gambling havens. Instead, we perceive them as tourist destinations. Similarly, we are attempting to transform Kangwon Land into a global tourism complex. Our goal is to see it grow into a representative global tourism complex in Korea."