Inside Asian Gaming

inside asian gaming september 2016 36 Asian Gaming POWER 50 2 0 1 6 David Chow CO-CHAIRMAN AND CEO Macau Legend Development Power 914 last 31 Score year Claims to fame Valuable asset in Macau Fisherman’s Wharf as its redevelopment moves forward Aggressive strategy of overseas expansion 30 For the past 16 years, Korea’s Kangwon Land has been living the dream – controlling the only “locals friendly” casino in a country where the locals want nothing more than to play. Kangwon Land, under the watchful eye of former Gangwon Province Vice Governor Choi Hung-jib, rakes in more profit each year than Korea’s 16 foreigner-only casinos combined. Last year, annual revenue rose by 9.2% to US$1.3 billion with profit up almost 23% to US$400 million. In the first half of 2016 those numbers rose again with revenue improving 5.9% and profit 27% year-on-year. It was enough to see Kangwon make the Forbes 2,000 list of the world’s biggest public companies for the very first time, finishing in Choi Hung-job PRESIDENT AND CEO Kangwon Land Inc Power 923 last 33 Score year Claims to fame Runs by far Korea’s most profitable casino A former Vice Governor of Gangwon Province 29 position 1,928 – good enough to outrank Wynn Resorts! There is some room for pause, however. Under its current deal, Kangwon Land holds a monopoly on Korean players until 2025 but last month a group from the opposition People’s Party submitted legislation that would authorize a locals casino in the Saemangeum tidal flat area in North Jeolla Province on the country’s southwest coast. Not surprisingly Kangwon has opposed the move citing, “a complete lack of national consensus and policy demand,” but they shouldn’t be too worried just yet. If the massive queues that typify Kangwon’s gaming tables each weekend are anything to go by, it will take more than one competitor on the other side of the country to make a dent.