South Korea’s Kangwon Land, the sole casino in the country where local residents are allowed to gamble, has announced a leadership change. In an official statement filed on Wednesday, the casino operator disclosed that Choi Cheol Kyoo has resigned as CEO, with Nam Hun Gyu stepping in as the acting CEO. This transition will take effect on Thursday, March 5. Nam has been with Kangwon Land as the vice president of management support since 2024 and currently serves as an executive board director, with his term scheduled to conclude in June. Before joining Kangwon Land, Nam held the position of director at the Regulatory Reform and Legal Affairs Department of South Korea’s Ministry of Trade, Industry, and Energy. This leadership change comes at a critical time for Kangwon Land, which is navigating through a leadership vacuum that has persisted for several years.
The leadership instability at Kangwon Land has been a point of concern for stakeholders, especially in Gangwon Province, where the casino is located. The region, which has a history of coal mining, is heavily reliant on the resort for local economic development and increased tourism. An executive search committee was established in August 2024 to address the leadership gap, but the process was delayed due to political upheaval when former President Yoon Suk Yeol declared martial law, an act that led to his impeachment and life imprisonment. Under the current administration led by Lee Jae-myung, there is a heightened focus on stabilizing leadership in government-controlled entities like Kangwon Land, partly owned by the Ministry of Trade, Industry, and Resources. Minority shareholders include Gangwon Province and the South Korean National Pension Service.
The Joint Committee for Regional Revitalisation in Gangwon Province has urged the government to expedite the appointment process to ensure the stability of Kangwon Land and the surrounding area. The committee has expressed concerns over the prolonged uncertainty, warning that residents’ frustration could escalate if a resolution is not reached promptly. This situation underscores the complex interplay between political developments and corporate governance within significant public enterprises in South Korea.
In parallel to the leadership changes, Kangwon Land is embarking on an ambitious expansion project dubbed K-HIT, which aims to transform the resort into a globally recognized destination. This KRW2.5 trillion (approximately USD 1.9 billion) initiative will expand the casino’s gaming floor by 40%, increase the number of gaming tables from 200 to 250, and add 250 more slot machines, bringing the total to 1,610. Notably, the project includes substantially raising betting limits for foreign players from KRW300,000 to KRW300 million, a move intended to enhance the casino’s competitiveness on the international stage.
In a 2024 statement to the Korea Times, Choi Cheol Kyoo highlighted the potential for Kangwon Land to emulate Las Vegas’s transformation from a regional mining hub to an entertainment powerhouse. He emphasized that geographic isolation is less of a barrier in today’s interconnected world, and the goal is to develop Kangwon Land into a world-class destination.
Aside from gaming expansion, K-HIT plans to introduce additional amenities, including a new hotel, an expanded performance venue, a larger retail space, and facilities focusing on culture and wellness. The operator anticipates these enhancements will substantially increase foreign tourism and boost non-gaming revenue from 13% to 30% by 2032.
Despite these expansion plans, Kangwon Land’s financial performance reflects mixed results. In 2025, the operator reported revenue of KRW1.48 trillion, a modest increase of 3.5% compared to the previous year. However, operating income fell to KRW 235.18 billion, and net income decreased to KRW 316.52 billion, marking a significant decline of 30.7%. These figures suggest that while there is growth in revenue, profitability challenges remain, necessitating effective management to navigate the financial landscape.
As Kangwon Land progresses with its leadership transition and expansion efforts, the coming months will be crucial in determining the strategic direction and stability of the operator. The next steps involve solidifying permanent leadership and continuing to engage with stakeholders to ensure the successful implementation of the K-HIT project. Stakeholders will keenly watch the developments, with the potential for significant impacts on both local and international gambling markets.
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