Kangwon Land Inc sets US$2.26bln revenue goal in strategy revamp

South Korean casino operator Kangwon Land Inc has approved a revised management strategy under new chief executive Kim Do-kyun, including a company-wide revenue target of KRW3.00 trillion (US$2.26 billion). The company said in a Tuesday press release that its board had approved its 2027-2031 medium- to long-term management objectives at a meeting the day before. The new plan involves restructuring the existing 2030 management strategy framework to align with one extending toward 2035. It involves a comprehensive overhaul of the company’s vision, core values, management objectives, and strategic initiatives, per the announcement. The latest revenue objective follows an earlier ambition outlined under the company’s “K-HIT” resort redevelopment programme. That scheme was previously described as involving KRW3.00 trillion in investment through 2035, with the aim of attracting 13 million visitors annually and generating KRW3.50 trillion in yearly revenue. Tuesday’s release did not specify a deadline for achieving the KRW3.00-trillion revenue target or explain its relationship – if any – with the earlier K-HIT objective. It also did not say whether the previous revenue ambition had been revised. GGRAsia reported earlier this month that Kangwon Land Inc would review the feasibility of the K-HIT project under its new CEO. That forms part of the company’s plan to review some of its major strategic initiatives. Kangwon Land Inc controls the Kangwon Land resort, located in Jeongseon in South Korea’s upland Gangwon province, which houses 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. According to Tuesday’s announcement, the revised management framework seeks to secure future growth drivers while strengthening the company’s responsibilities as a public institution. It also places emphasis on implementing measures to deliver business results. The casino firm identified four strategic priorities: strengthening its competitiveness in experiential tourism; developing what it termed a “healthy, entertainment-oriented casino”; supporting economic activity in areas transitioning away from coal mining; and enhancing corporate value to sustain growth. The release did not provide details of additional gaming capacity, investment commitments or changes to the resort redevelopment timetable. Kangwon Land Inc said the revised framework was intended to balance profitability with its public responsibilities, while providing differentiated tourism experiences and creating growth opportunities for the region.