Shinyoung C&D Casino Contract Targets KRW700B Orders
Shinyoung C&D is adding casino and memorial infrastructure to a construction portfolio that has traditionally included office developments, redevelopment work and public projects. The South Korean builder has secured a leading position in the procurement process for Kangwon Land’s second casino and signed a separate agreement to construct a columbarium in Yongin. Together, the two projects represent approximately KRW136.1 billion in construction value.
The wins give the company a larger presence in specialist building categories and support its forecast that orders could reach around KRW700 billion during 2026. They also provide a measure of progress towards management’s stated ambition of entering the country’s top 100 contractors in the 2027 construction capability assessment.
Shinyoung C&D casino contract advances Kangwon Land expansion
The largest of the two developments is the planned second casino at Kangwon Land in Jeongseon County, Gangwon Province. Shinyoung C&D was ranked first under the comprehensive evaluation bidding process for the project, which was tendered through the Public Procurement Service.
The Shinyoung C&D casino contract is valued at approximately KRW74.1 billion. It covers a casino building with two basement levels and four floors above ground, as well as renovation work involving existing tourist accommodation and entertainment facilities at the resort.
Shinyoung C&D will lead the consortium with a 65% participation share. Seorim Construction holds 20%, while Daehwa Construction accounts for the remaining 15%. The scheduled construction period is approximately 23 months.
The procurement result is an important step for the contractor, although being ranked first in the tender process should be distinguished from the completion of the project. The work itself will require coordination across the new gaming space and the associated upgrades to existing resort facilities.
For Kangwon Land, the second casino forms part of a wider effort to expand its gaming and visitor facilities. The development adds capacity within an established resort rather than creating a separate casino destination. Its eventual contribution will depend on construction progress, the operator’s implementation plans and the demand that the expanded venue can attract.
Kangwon Land has a distinctive position in South Korea’s casino market because it is the country’s only casino authorised to admit local customers. Changes to its gaming capacity and resort infrastructure therefore carry significance beyond an ordinary hotel or leisure construction project.
Yongin agreement marks entry into funeral facilities
A second contract broadens Shinyoung C&D’s exposure beyond tourism and gaming. On October 27, the company signed an agreement with Yongin Park Foundation for the construction of the Yongin Honorstone 2 columbarium in Gyeonggi Province.
The project has a construction value of approximately KRW62 billion and is scheduled to take 24 months. Plans call for a columbarium and neighbourhood living facilities in Chobu-ri, Mohyeon-eup, within Yongin’s Cheoin district.
The development marks Shinyoung C&D’s first project in the funeral-facility segment. While the building’s purpose differs substantially from a casino, the contract demonstrates the company’s willingness to pursue specialised facilities outside its established office and public-works categories.
Combined with the Kangwon Land project, the Yongin agreement brings the value of the two latest construction wins to about KRW136.1 billion. The contracts also expose the builder to different sources of demand: one linked to tourism and gaming investment, the other to memorial and related community facilities.
Office and infrastructure projects underpin order growth
The latest announcements follow several additions to the company’s private-sector and public infrastructure pipeline during the second half of the year.
Shinyoung C&D secured work on an office facility for game developer Krafton in Seoul’s Seongsu-dong 2-ga area in August. In September, it added the DHK headquarters development in Pangyo Second Techno Valley and the Ceragem Healthcare Innotown project in Gwacheon.
The company has also won a sewer pipeline maintenance project covering Munsan and Paju. These assignments sit alongside its existing involvement in private office construction, redevelopment, public works and self-developed projects.
The mix matters because it reduces the extent to which the contractor’s order pipeline depends on a single property category. Office buildings, infrastructure upgrades, tourism facilities and columbaria have different project requirements and demand drivers. A broader mix can create more opportunities to compete for work, although it also requires the company to manage a wider range of construction and delivery risks.
Shinyoung C&D expects orders for the full year to approach KRW700 billion. This is a forecast of contract activity, not a statement that the same amount has already been recognised as revenue or collected in cash. The timing of contract awards, construction milestones and revenue recognition will determine how the pipeline translates into reported financial performance.
2027 construction ranking remains a longer-term test
Chief executive Lee Seung-min has linked the company’s expanding project range with its ambition to enter the top 100 in South Korea’s construction capability evaluation by 2027. The recent awards provide evidence of a broader bidding reach, but the ranking objective will require sustained performance beyond a single year of contract wins.
For the casino development, execution will involve delivering a multi-level gaming facility while coordinating refurbishment work across parts of Kangwon Land’s existing resort. The Yongin project brings a different set of building requirements and a longer scheduled construction period.
The company will need to convert its growing order book into timely delivery, effective cost control and a record of completed projects. Winning work in specialised categories can strengthen its credentials, but successful execution is what will ultimately establish whether the expansion is durable.
Shinyoung C&D’s latest projects therefore represent more than two additions to its annual order tally. They illustrate a deliberate move into a wider range of non-residential construction markets. The Kangwon Land casino gives the builder a role in a notable gaming-related development, while Honorstone 2 opens a new line of business.
With annual orders projected to approach KRW700 billion, attention will now turn to the pace of project delivery and whether the company can sustain its broader contract pipeline into 2027.
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Sources
Seoul Economic Daily
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