Kangwon Land granted new 3-yr casino licence to Dec 2023

Kangwon Land granted new 3-yr casino licence to Dec 2023

Kangwon Land Inc, operator of Kangwon Land (pictured), the only casino in South Korea permitted to offer bets to locals, has had a new three-year gaming licence approved on Monday by the country’s Ministry of Culture, Sports and Tourism, a representative of the firm has confirmed to GGRAsia. The new licence term is from January 1, 2021, to December 31, 2023.

The fresh licence will be on the same terms – in relation to casino operating hours and permitted gaming inventory – as allowed when Kangwon Land reopened in May certain gaming facilities to privileged customers, after a period of closure during the Covid-19 pandemic.

The casino will be allowed to run 20 hours per day, and 180 gaming tables will be authorised; namely 13 for roulette, 62 for blackjack, 12 for poker, and 93 for baccarat. Seven of the gaming tables will be defined as “digital” and carry variously roulette, blackjack and blackjack games.

In addition, 169 slot machines and 1,191 other electronic games will be permitted under the new licence.

Kangwon Land’s casino has had three periods of disruption in 2020 due to Covid-19 countermeasures. The first was February 23 to July 20, although a member-only area for higher-value customers reopened for a time, from early May.

The second disruption was from August 21 to October 12; and the third started on December 8 and is ongoing.

Kangwon Land Inc reported a nearly KRW40.86-billion (US$37.6-million) loss in the third quarter ending September 30, compared to a KRW128.65-billion profit in the prior-year quarter.

The Kangwon Land resort is in a remote upland region outside the capital Seoul.

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