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Monday June 26, 7:21 PM
KANGWON LAND CASINO SEEKS TO DIVERSIFY INTO RECREATIONAL RESORT
SEOUL, June 26 Asia Pulse - Kangwon Land Co, the nation's only casino open to South Korean gamblers, said Monday it plans to diversify it earning base from casino operations to become a more comprehensive recreational resort to attract more domestic and foreign visitors.
The state-run casino's transformation is needed to reflect growing demand for family-oriented leisure activities and a decline in profits from gambling revenue, Cho Ki-song, president of Kangwon Land, told a group of reporters.
"Our casino business, which accounted for roughly 90 percent of our entire profit of 300 billion won (US$313 million) in 2005, is expected to fall off this year," he said.
According to Cho, the state-run casino established in October 2000 to help alleviate the drop in jobs and boost living standards in the coal mining region of Gangwon Province, is forecast to see its profit fall to around 270 billion won by year's end.
As part of efforts to diversify its operations, the resort will open ski slopes in early December, a measure to woo more foreign tourists from Southeast Asian countries and China.
"Efforts are underway to offer affordable tourist packages to winter visitors from places like Hong Kong, Taiwan and China, who have been drawn to South Korea's ski resorts in the past," the top executive said.
Kangwon Land has already opened a golf course in July 2005 and it is expected the new addition would make it into a year-round tourist attraction.
Cho also said that in order to enhance the accessibility of the resort, a special train service linking Seoul will be established to coincide with the opening of the ski slopes.
The resort located in mountainous Jongseon, about four-hours drive from Seoul, has suffered due to its remote location.
"This cooperation with Korea Railroad Corp. was influenced by the three most successful ski resorts in Japan that are all accessible by train," said Cho. He said the train will literally stop right at the foot of the ski slopes, ensuring comfortable and easy access for visitors even in the worst of weather.
He added that efforts are being made to organize a similar service linking the resort to Busan, South Korea's second-largest city.
The top executive, in addition, said it has expanded the size of its gambling addiction center so as to offer more comprehensive, free therapy to people suffering problems.
The total number of experts at the office in southern Seoul that opened in September 2001, will be increased to 13 from five, plans to build up a database on the nature of compulsive gambling.
Kangwon Land said that while it is the only legal gambling center in the country open to South Korean nationals, the illegal gambling market was estimated to be worth 27 trillion won last year.
Legal gambling, including horse racing and lotteries, reached 11 trillion won in terms of total sales. Horse racing, regulated by the agriculture ministry, accounted for 5 trillion won, followed by lotteries at 3 trillion won. Casinos accounted for a little under 1 trillion won of the legalized gambling market last year.
(Yonhap)
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