Kangwon Land puts US$1.9 billion K-HIT resort transformation under review
South Korean casino operator Kangwon Land has placed the feasibility of its major K-HIT resort transformation project among the priorities of a newly established organizational committee, signaling a broader review of the company’s strategy under new CEO Kim Do-gyun.
The company launched its Organizational Diagnosis and Innovation Committee on October 2 as part of an effort to examine management operations following an extended period without permanent leadership. The committee will assess organizational and personnel systems, major strategic initiatives and workplace practices through the end of 2026.
The review includes Kangwon Land’s K-HIT project, a long-term resort transformation program with a total investment of approximately KRW3 trillion, or around US$1.9 billion based on the company figures cited in the latest industry report.
Kangwon Land K-HIT project faces feasibility review
The K-HIT initiative is intended to reposition Kangwon Land from a predominantly casino-led property into a broader integrated resort with stronger accommodation, leisure and non-gaming offerings.
An immediate component involves around KRW200 billion (approximately US$136 million) in investment in hotel and casino facilities. The work includes the renovation of 477 rooms in the Grand Hotel Main Tower and 280 rooms at the Mountain Condo, alongside additional casino-related development.
The wider transformation is expected to include improvements to walking trails around the resort, a wellness center and a luxury pool villa. Kangwon Land has also targeted a significant increase in the contribution of non-gaming activities to resort revenue as part of its broader diversification strategy.
However, the newly formed committee’s mandate means these major initiatives will now be examined alongside Kangwon Land’s wider organizational and management structure.
The company has not announced that the K-HIT investment has been cancelled or materially changed. Rather, its inclusion in the committee’s remit places the project under a formal feasibility and strategic assessment.
New committee signals broader Kangwon Land review
The committee is jointly chaired by Kim Chang-jin, a research fellow at the University of Seoul, and Kim Dae-jung, who heads Kangwon Land’s organizational diagnosis task force. Other participants include an external education expert and representatives from human resources, the labor union, hotel and condominium operations, and AI and digital innovation.
Its three principal areas of work through the end of the year are organizational and personnel-system improvements, assessment and feasibility reviews of major policy initiatives including K-HIT, and changes to corporate culture and working practices.
The structure gives the review a wider remit than a conventional project assessment. Kangwon Land said it intends to incorporate feedback from frontline employees, women and younger workers, as well as expertise and examples from organizations in South Korea and overseas.
CEO Kim said the committee would provide an opportunity to examine the company’s current condition objectively and identify areas requiring change and innovation.
Kangwon Land targets stronger integrated resort positioning
The K-HIT strategy is being developed as Kangwon Land faces a more competitive Asian integrated-resort market.
The company has previously positioned the transformation as part of an effort to establish Kangwon Land as a global-standard resort and increase the appeal of the property beyond gaming. The development is also being undertaken against the backdrop of MGM Osaka’s planned 2030 opening in Japan, which could add further competition for regional tourism and gaming demand.
Kangwon Land’s challenge is particularly significant because the resort occupies a distinctive position in South Korea’s gaming market. It operates the country’s only casino where Korean nationals are permitted to gamble.
The company has simultaneously been expanding its casino capacity and upgrading its accommodation facilities. A second casino facility is being developed, while existing hotel and condominium rooms are undergoing renovation. Kangwon Land’s first-quarter 2026 regulatory filing lists the second casino project with a budget of KRW179.6 billion and describes the broader property as a four-season family-oriented integrated resort incorporating casino, ski, golf, waterpark, hotel and condominium facilities.
The company therefore faces the task of balancing substantial capital investment in gaming facilities with its stated ambition to generate greater value from non-gaming tourism.
Visitor numbers provide backdrop for resort transformation
The organizational review comes as Kangwon Land continues to attract significant visitor volumes.
More than 94,000 people visited the resort during South Korea’s four-day Chuseok holiday from September 24 to 27, according to Kangwon Land figures cited in the company’s latest announcement. Around 34,000 visited the hotel, 33,000 the casino, 15,000 the condominium facilities and the remainder other resort attractions, including Water World.
Casino visitation also increased 4.4% in 2025 to 2,478,658 visitors, according to figures attributed to South Korea’s Ministry of Culture, Sports and Tourism.
Those figures provide a significant base for Kangwon Land’s strategy of encouraging longer stays and increasing spending across its broader resort ecosystem.
The latest review nevertheless indicates that management wants to assess how effectively the company’s organizational structure and major projects can support that strategy.
For Kangwon Land, the outcome of the committee’s work could therefore have implications beyond internal restructuring. Its assessment of K-HIT may help determine how the operator prioritizes capital spending, resort development and non-gaming attractions as competition among Asian integrated resorts intensifies.
What the Kangwon Land review means for K-HIT
For now, the K-HIT project remains part of Kangwon Land’s development strategy, rather than a project formally placed on hold. The key development will be the committee’s feasibility assessment and any resulting recommendations before the end of 2026.
The review gives new management an opportunity to test whether the scale, sequencing and strategic objectives of the transformation remain appropriate as Kangwon Land prepares for the next phase of competition in the Asia-Pacific resort market.
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