Kangwon Land Inc to review K-HIT project feasibility under new CEO

South Korean casino operator Kangwon Land Inc has established a committee to review major strategic initiatives, including the feasibility of its K-HIT resort redevelopment project, as new chief executive Kim Do-gyun pursues organisational reform. The company said in a press release that the committee held its inaugural meeting on October 2, agreeing on three priority areas and a work programme running until year-end. Those areas comprise improvements to organisational structure and personnel systems; assessment and feasibility reviews of major strategic initiatives, including K-HIT; and improvements to organisational culture and working practices. Kangwon Land Inc said the committee’s establishment reflected the need for a comprehensive assessment of management matters accumulated during a prolonged period without a permanent CEO. The committee includes external experts and internal representatives, including members drawn from management, a labour union, and female and younger employees. The firm said it would combine staff feedback with external expertise and examples of good practice from South Korea and overseas to develop practical improvements. Mr Kim was cited as saying that the review would identify specific areas requiring change and innovation, with the aim of delivering improvements that employees and customers could experience. The announcement did not specify any changes to K-HIT’s investment budget, scope or completion timetable. The redevelopment programme has previously been described as involving KRW3.00 trillion (US$2.23 billion currently) in investment, with a completion target of 2035. The project’s stated aims include transforming the property into a global-standard integrated resort, attracting 13 million visitors annually and generating KRW3.5 trillion in yearly revenue. At his inauguration in September, Mr Kim pledged to accelerate K-HIT and link the resort more closely with nearby tourism attractions, including forests and former coal-mining sites. His appointment followed a succession of interim CEOs. The Kangwon Land resort (pictured), located in Jeongseon in South Korea’s upland Gangwon province, operates the country’s only casino permitted to offer gambling to locals. A second casino venue at the complex has previously been scheduled to open in the first half of 2028. At a separate board meeting on September 30, Kangwon Land Inc approved KRW3.7 billion in funding to support business relocation and growth in areas undergoing a transition away from coal mining and the wider Gangwon region. Of that amount, KRW3 billion will support business relocation and KRW700 million will fund support for small- and medium-sized enterprises, per the update.