Shinyoung C&D consortium wins US$55mln contract for Kangwon Land’s second casino

South Korean builder Shinyoung C&D says it has won a construction contract worth approximately KRW74.1 billion (US$55.1 million) for a second casino at the Kangwon Land resort in Jeongseon, Gangwon province. The contract also covers renovation of existing accommodation and leisure facilities at the complex operated by Kangwon Land Inc. Shinyoung C&D, the construction arm of South Korean property developer Shinyoung Group, will lead the consortium with a 65-percent share. Seorim General Construction and Daehwa Construction will take 20 percent and 15 percent respectively, according to South Korean media reports on Tuesday. The consortium ranked first in a tender run by South Korea’s Public Procurement Service. The reported construction period is approximately 23 months. The reports did not specify a start date for the contract. Kangwon Land (pictured) is the only resort in South Korea with a casino permitted to serve locals. Its operator has previously said it was targeting the first half of 2028 for the opening of the second casino. The expansion is due to add 50 gaming tables and 250 gaming machines, according to information previously disclosed by the company. Kangwon Land Inc’s board approved, in December 2024, a broader investment of KRW179.6 billion for the second building. Plans for the building include food and beverage outlets and other non-gaming facilities. The operator’s third-quarter earnings materials listed second-casino construction among the projects covered by its 2026 operating investment budget. Spending in that category totalled KRW97.2 billion through September 30, out of a KRW126.4-billion budget for full-year 2026. There was no project-by-project breakdown in the document. Kangwon Land Inc has separately outlined a KRW200-billion refurbishment programme covering 757 hotel and condominium rooms, equivalent to about 41 percent of the resort’s accommodation inventory. Work on 280 units at the Mountain Condominium is scheduled to finish in October 2027, with a further 477 rooms at the Grand Hotel Main Tower due for completion in early 2028.