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South Korea’s only casino accessible to locals, Kangwon Land, has welcomed 147,550 Korean visitors between October 3 to October 12 during this year’s prolonged Chuseok holiday. On Wednesday, according to a press release issued by Kangwon Land Inc., the casino reported a robust average hotel occupancy rate of 81.4 percent over the corresponding period last year.
Chuseok Holiday Season Records Peak in Tourists
Chuseok, or Hangawi, is South Korea’s biggest traditional holiday, as it celebrates the mid-autumn harvest. The holiday falls every fifteenth day of the eighth month in the lunisolar calendar, and usually lasts three days. But this year, the main day was October 6, with festivities spanning from October 5 to 7.
The holiday period was prolonged thanks to the National Foundation Day on October 3rd and Hangul Day on October 9th, which gave many Koreans an entire week off. This longer break clearly boosted visitor numbers at Kangwon Land during the celebrations.
However, the company did not disclose the visitor figures from the same period last year, so it is difficult to tell whether this year’s visitor numbers represent growth or decline.
Winter Plans in the Works
In advance, Kangwon Land Inc. said it is “stepping up preparations” for winter. The adjacent ski resort, which forms part of the casino complex, will open in late November, a week earlier than last year. This front-loaded opening is to capitalize on winter tourism demand.
The company plan indicates a commitment to increased visitor interaction outside of gaming through providing more leisure activities offered all year-round.
Financial Performance and Growth Strategies
Despite the good holiday tourist traffic, the overall financial results at Kangwon Land have been challenging. Kangwon Land reported a 62.2 percent on-year fall in second-quarter net profit to KRW60.63 billion (US$42.67 million) in July. The reason was higher operating costs that beat higher casino sales, an indication of pressure on operations.
But Kangwon Land does keep growing. The second casino complex is being built on the land with an expected opening date of early 2028. The expansion will bring more gaming space and more tourists in future years.
A Key Destination for Domestic Gamblers
Kangwon Land stands alone as a special case within the gaming industry of South Korea as the only casino accessible to locals. Its victory over Chuseok further establishes itself as a leading domestic resort destination, particularly on national holidays.
Besides gaming, the resort’s accommodation and recreational facilities also go to make it an all-round destination for a wide cross-section of tourists.
Getting Ready for Seasonal Tourist Hopes
As the busy Chuseok period ends, Kangwon Land’s advance preparation for the winter sports and tourism support will ride on the momentum. The ski resort is an essential component of the resort’s year-round allure, drawing tourists aside from gamblers.
With expansion in progress and winter seasonal demand around the corner, Kangwon Land is positioning itself strategically to remain relevant in the face of changing market conditions and increasing operational expenses.
Source: GGR Asia
