Kangwon Land Bets on $770M Casino Expansion to Revitalize Abandoned Mine Region
Kangwon Land is aggressively pursuing a $770 million expansion project, dubbed “K-HIT Project 1.0,” aiming to establish a globally competitive K-composite resort and breathe new life into South Korea’s struggling abandoned mine areas. The ambitious plan, unveiled following discussions with National Assembly Chairman Lee Chul-gyu on Thursday, centers around the construction of a second casino and accompanying cultural and entertainment facilities, slated for completion by December 2027 with a grand opening anticipated in early 2028.
Addressing Regional Economic Concerns
The project’s urgency stems from growing concerns about the economic viability of the region surrounding Kangwon Land, particularly in the face of competition from integrated resorts in neighboring countries like Japan. According to a statement from Chairman Lee Chul-gyu, “If Gangwon Land is competing with the Osaka Complex Resort, which is scheduled to open in 2030, the abandoned mine area will be seriously in serious difficulties such as population leakage and regional economic crisis.” The K-HIT project is therefore positioned not merely as a casino expansion, but as a crucial lifeline for a region grappling with the long-term consequences of coal mine closures.
K-HIT Project 1.0: A Three-Phase Approach
Kangwon Land’s strategy unfolds in three phases, with the creation of the second casino as the immediate priority. The new casino will repurpose existing space within the current Kangwon Land complex, transforming a former theme park area into a “residence resort” concept integrating casinos, VIP gaming areas, dining, attractions, and entertainment. CEO Choi Cheol-gyu emphasized that the project represents “a structural shift that designs the 100-year future of the abandoned regional economy, not just expanding the scale of scale.”
Navigating Regulatory Hurdles and Funding Challenges
Despite the project’s potential, stakeholders expressed concerns regarding the speed of its implementation. One attendee noted the contrast between South Korea’s regulatory processes and the more streamlined approach taken by other nations. Specifically, the preliminary feasibility study process and securing approval from relevant ministries were identified as potential bottlenecks. Furthermore, discussions centered on the effective and transparent allocation of funds from the abandoned mine rehabilitation fund to improve educational and medical resources in the affected areas. The recent closure of provincial mining offices has added urgency to these discussions, highlighting the need for proactive rehabilitation measures.
A Vision Competition to Shape the Future
To ensure the project reflects the needs and aspirations of the community, Kangwon Land plans to launch a “K-HIT Project Vision Competition.” This initiative will gather input from stakeholders and inform the final K-HIT Project Master Plan. The company aims to leverage this collaborative approach to maximize the project’s positive impact on the region.
Kangwon Land’s ambitious undertaking represents a bold attempt to revitalize a struggling region through strategic investment and innovative resort development. The success of K-HIT Project 1.0 will not only determine the future of Kangwon Land but also serve as a test case for sustainable economic development in post-industrial landscapes.
