Kangwon Land pivots with K-HIT project to transform High1 Resort into global health and sports hub
Kangwon Land aims to stay competitive against Japan’s MGM Osaka by transforming High1 Resort into a world-class health and sports centre under the K-HIT project.
The casino and tourism industry in South Korea is facing significant challenges as Japan prepares to unveil its monumental Integrated Resort (IR) project, “MGM Osaka,” worth over $9 billion, which is set to become a formidable competitor in the coming years.
In response, the Korea Casino Tourism Association and the Korea Tourism Society recently visited Osaka to host a forum assessing the impact and preparing strategies to tackle the impending competition.
According to local media outlet The Korea Bizwire, the forum gathered over 50 officials, academics, and experts to analyse Japan’s plans and explore potential solutions.
The most concerning prediction is that MGM Osaka could attract up to 7.6 million South Korean tourists annually, directly impacting Kangwon Land, the only casino in South Korea where locals are permitted to gamble. Additionally, it could affect the business of 17 other foreigner-only casinos, which largely rely on international tourists, including those from Japan.
However, Kangwon Land has prepared a counter-strategy with the announcement of a major transformation plan for its High1 Resort under the “K-HIT” project, aiming to elevate it into a global health and sports hub.
Choi Cheol-gyu, Acting CEO of Kangwon Land, said, “Through phased innovation strategies like K-HIT, we aim to secure competitiveness, revitalise the mining region economy, and strengthen Korea’s global standing in integrated resorts.”
The MGM Osaka project is scheduled to open around 2030 and will be Japan’s first legal casino, featuring three hotel brands with over 2,500 rooms, a vast MICE (Meetings, Incentives, Conventions, Exhibitions) space of 730,000 square feet, and comprehensive amenities to attract tourists from around the world.
Source: koreabizwire
