South Korea approves Kangwon Land's increase in VIP baccarat betting limits: Report
Kangwon Land Inc, the operator of South Korea’s only casino open to locals, has received government approval to raise betting limits for VIP baccarat play. According to reports, the changes, which were effective Wednesday, will impact two specific baccarat tables on the venue’s exclusive “VIP floor.”
The minimum wager for these tables has been increased from KRW50,000 to KRW500,000 ($35 to $358), a tenfold rise. Additionally, the allowable difference between ‘banker’ and ‘player’ bets, known as the table differential, has been raised from KRW2 million to KRW30 million ($1,434 to $21,510). The decision follows an approved revision of the casino’s membership floor operating regulations by the Ministry of Culture, Sports, and Tourism.
The move is seen as a targeted effort to strengthen Kangwon Land’s high-end gaming segment as the company looks to offset broader financial challenges seen in recent quarters.
VIP segment shows growth amid general decline
The revised betting framework comes at a time when Kangwon Land is experiencing mixed financial results. For the first quarter of 2025, the operator posted KRW316.8 billion ($227 million) in gaming sales, a marginal 0.2 percent decline year-on-year. Revenue from mass table games fell by 0.5 percent to KRW160.4 billion ($115 million), while slot machine sales dropped 2 percent.
However, the VIP segment, categorised under “membership club” revenue, rose by 4.2 percent to KRW48.7 billion ($35 million). This growth provides some relief for the company as it aims to attract more high-stakes players.
The casino recorded over KRW1.45 trillion ($1 billion) in gaming drop — the total amount wagered — during the first quarter, a 5.5 percent increase compared to the same period last year. Visitor numbers were also up, reaching 621,035, with foreign patronage rising by 16.2 percent year-on-year.
Broader strategy to attract foreign players
Earlier this year, the company said it began pilot operations of a newly established “Casino Zone for Foreigners Only,” aimed at enhancing the experience for international guests. The new zone allows for increased betting limits of up to KRW20 million ($14,340), a shift from the previous ceiling of KRW100,000 ($71). This development follows regulatory adjustments approved in September 2024 and forms part of the company’s broader strategy to diversify its customer base and enhance competitiveness in the regional gaming market.
This week, casino stocks in the East Asian country have soared to record highs, driven by a steady recovery in foreign visitor numbers and renewed optimism in the country’s tourism sector following years of pandemic-related disruption, according to the data from the Korea Stock Exchange (KRX).
