South Korea’s government has unveiled a massive expansion of its Kangwon Land casino resort. The state-owned property will be remodeled to triple the area of its casino floor, allowing it to welcome more guests.

The Kangwon Land gaming area, which covers 167,000 square feet currently, will be expanded to cover approximately 533,000 square feet. In addition to that, the $1.85 billion expansion will see a new hotel and a new convention space constructed, allowing Kangwon Land to accommodate more visitors and host international gatherings.

The expansion will also include the creation of a new wellness center in the nearby forest, as well as the launch of new local attractions.

The expansion comes as more Asian countries rise to challenge South Korea’s casino industry. Kangwon Land and the country’s foreigner-only casinos enjoyed a period of calm during the temporary decline of Macau gaming and the crackdown on the special administrative region’s junket operators. However, Japan’s upcoming resort and Thailand’s desire to launch casino gaming are likely to cause fiercer competition.

South Korea Is Wary of Japan’s Upcoming Integrated Resort

Situated in its namesake Kangwon Province, Kangwon Land is the only casino in South Korea that accepts local players. The property boasts some 1,000 slots and 100 gaming tables, allowing hundreds of players to enjoy gambling at the same time. In addition, Kangwon Land has some 700 hotel rooms for guests. Despite that, finding a seat has been increasingly difficult the last few years.

While Kangwon Land, originally founded in 1998, is the only casino in South Korea that locals can visit, the launch of MGM Resorts’ resort in Osaka will likely upset the power balance. Considering Japan’s proximity to Korea, local customers might be tempted to visit the Osaka casino instead.

The expansion of Kangwon Land is, according to the government, a precautionary measure that seeks to ensure the property’s appeal to local consumers. Since MGM’s resort in Japan will not open earlier than 2029, the South Korean operator has ample time to reinforce its offering.

Still, the renovations envisioned by the government are also likely to take several years. Because of that, until the construction of the extra facilities starts, the government will open a temporary expanded casino.

 The $1.85 billion investment is notably the largest investment in the property since its opening.

In addition to casinos in other Asian countries, Kangwon Land will also have to compete with the Mohegan Inspire Entertainment Resort which recently onboarded new solutions that will allow it to understand guests at an individual level.

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MGM Resorts Land Holdings purchased a small piece of land measuring only 1.62 acres (0.0065 square km) south of the iconic Bellagio fountains on May 15, 2023. 

During the same month, MGM Resorts’ LeoVegas announced it would acquire Push Gaming in an attempt to give its global development a push. 

The Space Is Currently a Parking Lot 

The long and slender piece of land between Bellagio and The Cosmopolitan, both operated by MGM, stretches some hundred feet. At the moment, the vacant lot serves the purpose of a parking lot as well as a storage space for garbage. 

The Strip is not visible from MGM’s new piece of land because of the existing trees at the location.

In the past, the small strip of land was under the ownership of Steve Wynn, the real estate developer and art collector responsible for creating some of Sin City’s most popular casinos, including Treasure Island, The Mirage, Wynn Las Vegas, and Bellagio.

Almost two and a half decades ago, Wynn, who, according to Forbes, has a $3.4 billion real-time net worth as of January 12, 2024, sold The Mirage, Bellagio, and Treasure Island to MGM. 

The latter inherited Wynn’s rights to the 1.62 acres it bought last spring. MGM has not yet expressed its plans regarding the small strip of land. 

Why Is the Purchase Important for MGM?

For starters, the casino giant does not own a lot of real estate underneath the gaming venues that it owns. This is mostly because NYSE-listed VICI is the owner of most of the land under casino hotels operated by MGM.

Secondly, the large number of stakeholders involved in the ownership of the real estate belonging to Cosmopolitan and Bellagio makes the land purchase even more interesting. 

Five years ago, in 2019, MGM decided to sell Bellagio’s property assets to NYSE-listed Blackstone’s Blackstone Real Estate Income Trust (BREIT) in 2019. 

Last summer, in August, the same Trust announced it had sold a 21.9% stake in the respective property to NYSE-listed Realty Income in exchange for $950 million.

In September 2021, Blackstone announced the sale of Cosmopolitan for $5.65 billion. Next, BREIT, Stonepeak Partners, and the Cherng Family Trust acquired the real estate of the respective integrated companies for $4 billion.

Blackstone is also the owner of Aria and Vdara’s property assets. The two are operated by MGM.

Given the very limited size of the space, MGM is less likely to build a new integrated resort there or adjoin Bellagio and Cosmopolitan given the existing walkway reuniting the two properties via an escalator. 

One possibility would be for MGM to sell the land to one of the previously mentioned entities that hold interests in the real estate associated with Cosmopolitan and Bellagio.

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In a move that adds intrigue to the recent acquisition of a majority stake in the Dallas Mavericks by Las Vegas Sands Corp. matriarch, Miriam Adelson, it has come to light that an entity linked to the gaming giant purchased a significant parcel of land in Irving, Texas, just months prior to the high-profile sports deal.

Village Walk RE 2 LLC’s Acquisition Signals Sands’ Strategic Move Near Former Texas Stadium Site

The 108-acre property, located across from the former Texas Stadium site, was procured by a limited liability corporation named Village Walk RE 2 LLC in July, according to state records. The LLC’s address, 5420 S. Durango Dr. in Las Vegas, coincides with the business address of Sands, indicating a clear association between the two entities as reported by The Dallas Morning News.

While the intended use of the acquired land remains undisclosed, city officials in Irving have long sought a standout project for the area, envisioning a transformational development. The former Texas Stadium site, which was demolished in 2010, has been in use as a highway construction staging area.

Ron Reese, a spokesperson for Sands, affirmed the purchase, emphasizing the company’s enduring interest in the Texas and Dallas-Fort Worth region. Reese clarified that the acquisition was independent of the Adelson family’s Mavericks deal and was made with the anticipation of realizing Sands’ long-standing goal of constructing an integrated resort property in the D-FW area.

Efforts to expand gambling, including Sands’ envisioned resorts, have faced obstacles in the state legislature for years, but recent progress during the legislative session signals a potential shift. Sands remains committed to its vision of an integrated resort in the area and hints at future acquisitions in the region.

Irving Wants to Transform 108-Acre Property from Trucking Terminal to Urban Oasis

Irving’s economic development director, Beth Bowman, refrained from divulging details about the buyer back in July, but now acknowledges the transaction. She emphasized the city’s enthusiasm for developing the former stadium site into a mixed-use space, encompassing housing, retail, and entertainment.

The 108-acre property, previously a North Texas trucking terminal, is connected to the old Texas Stadium site by a new $45 million bridge. The city plans to develop over 400 acres, including the former stadium site, into a vibrant urban environment.

Mark Cuban, the current owner of the Dallas Mavericks, expressed interest in collaborating with Sands to build a new arena in Dallas, potentially integrated with a casino resort. However, legislative approval for gambling in Texas remains a prerequisite for realizing this ambitious vision.

As Sands continues to shape its footprint in the region, the recent land acquisition and the Mavericks deal have ignited speculation about the future of legalized gambling and sports betting in Texas. 

Analysts suggest that Texas, a substantial untapped market, could benefit from gambling tourism, with the Adelson family’s political and financial clout potentially playing a pivotal role in pushing for legislative changes.

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The Pamunkey Indian Tribe has decided to exercise its option to delay the purchase of land adjacent to Harbor Park for their proposed HeadWaters Resort and Casino until January 2025. 

Norfolk Casino Project Receives Extension for Meticulous Planning

City spokesperson Chris Jones confirmed the extension, emphasizing that it does not indicate a definite delay in the project but rather allows additional time for meticulous planning and approval processes, reported The Virginian Pilot. The Pamunkey Tribe, in partnership with Golden Eagle Consulting II, aims to construct the HeadWaters Resort and Casino between the baseball stadium and the Amtrak station near downtown Norfolk, Virginia.

Originally securing a three-year option in January 2020, the tribe utilized its first extension last year, setting the final contracted deadline for land purchase at nearly $10 million. There are specific benchmarks outlined in the contract related to licensing and contracting that the tribe must fulfill before the city approves the sale.

Jay Smith, a spokesperson for HeadWaters, stated that they anticipated offering additional updates in the coming weeks. He mentioned that these updates would highlight the tribe’s steadfast dedication to initiating the project’s construction promptly. The aim is to generate employment opportunities and tax revenue, meeting the expectations of both the City of Norfolk and the Commonwealth of Virginia, from their proposed destination resort and casino.

City Leaders Challenge Two-Phase Plan, Insist on Original Agreements for Norfolk Casino

The casino project has faced hurdles, including disagreements over the construction approach. Initially proposing a temporary casino while the permanent structure was built, developers later opted for a two-phase plan. 

However, city leaders expressed their opposition to this approach, insisting on a single-phase project to align with the original agreements and voter expectations. Accusations have been made by both sides, with the tribe and developers claiming mixed messages from city officials regarding project expectations.

Meanwhile, city leaders have demanded clarity and adherence to the promises made to voters during the 2020 referendum, where Norfolk residents overwhelmingly supported casino development.

The city has been keen on ensuring that the proposed resort and casino meet the standards outlined in the initial agreements, emphasizing the importance of delivering the development as envisioned during the public vote.

Virginia experienced a significant surge in tax revenue from sports betting and casinos, surpassing earlier projections. In fiscal year 2023, Virginia’s casino sector exceeded expectations, with the temporary Hard Rock Casino in Bristol generating $157 million in net gambling revenue, Rivers Casino Portsmouth reporting $120 million, and Caesars casino in Danville recording $31 million in just two months. Virginia’s gambling sector is rapidly expanding, with the casino in Norfolk and an upcoming referendum for a casino venture in Richmond.

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Under the terms of this partnership, Pragmatic Play will supply its cutting-edge games to Land Vegas, which is the region’s first casino based in the Metaverse, making the supplier’s bid on the future of entertainment clear.

Land Vegas Brings Pragmatic Play’s Content to the Metaverse

Metaverse entertainment has been for a while now trying to attract interest from casinos and suppliers, and Land Vegas’ prominent local foothold, combined with Pragmatic Play’s established reputation for delivering impeccable iGaming content, is finally making this a reality.

Pragmatic Play further benefits from the opportunity to strengthen its reputation as a leading innovator in the region and also has a chance to blaze a trail in a new and exciting vertical. Pragmatic already has a strong commercial footprint in Latin America, with the Land Vegas link-up only adding to this reputation.

Players at Land Vegas will now tap into an array of Pragmatic’s experiences, including but not limited to the Slots, Live Casino, and Virtual Sports titles. The supplier wants to continue and deliver transformative experiences in the local market that strike home with player bases and resonate with casino gamers. Commenting on this tie-up, Pragmatic Play VP of Latin American operations Victor Arias said:

We are very proud to sign this deal with Land Vegas. As an innovative, cutting-edge technology provider, we are always looking to partner with brands that share our entertainment vision.

Pragmatic Play VP of Latin American operations Victor Arias

This collaboration allows Land Vegas to offer players a new level of fun and excitement. Land Vegas founder and CEO David Fica Jaque was similarly pleased with the opportunity to see his company bring more worthwhile gaming products to its company.

He acknowledges the strong local presence Pragmatic Play has enjoyed and the progress the supplier has achieved in the region with its slot and casino product. “We look forward to seeing how the Metaverse casino audience responds to the vast portfolio that will be available to them,” Jaque concluded.

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Australia has no online casinos licensed in the country even though federal law allows states and territories to license and regulate internet slots and table games. However, home and mobile sports betting is licensed for punters there.

According to the country’s primary banking trade organization, there’s a big gap between financial protections online and on land so the Australian Banking Association (ABA) is asking the government to ban the use of credit cards at online sports betting sites.

The request comes decades after credit cards were banned for gambling at the land-based sportsbooks and casinos there. The licensed online gambling industry did not even exist at the time land-based credit card gambling was prohibited but is now worth an estimated A$50 billion a year.

Credit Cards Already Banned for Land-based Gambling

The ABA’s CEO, Anna Bligh asks: “Why should it be possible to do something in the virtual world that is prohibited in the real world? Every pub with poker machines, every TAB and every trackside bookie already implemented this 23 years ago.”

Bligh wonders if gambling, as a product “is this something we should be providing credit for given what’s happening to our customers?”

According to a report in the Guardian, banks are not on a moral crusade with the initiative but instead are looking out for their own business interests. That said, the association is quite aware of the damage undisciplined gamblers can do to themselves very quickly with potential long-term negative consequences.

“This is just a product that is not suitable for credit,” said Bligh. “You can accrue a very, very large amount of debt in an incredibly short period of time and have nothing to show for it.

“Banks have seen the harm that is being done and they are very conscious of their responsibility as lenders to ask [hard questions].

The initiative would tend to lend itself more to ideation than implementation due to the way merchant category codes work. The international merchant category code (MCC) that has been used for online gambling transactions since soon after the US changed its payment processor rules for online gambling with the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) can also be assigned to transactions involving charities that fundraise by selling lottery tickets.

MCCs are 4-digit numbers listed under the international standard ISO 18245 which currently doesn’t have a code for lottery tickets sold primarily for charity fundraising. In order to create one, advocates would need to apply through ISO/TC 68, Technical Committee 68 on Banking, Securities, and other Financial Services in Geneva, Switzerland. However, changes to ISOs such as adding a new MCC, are usually not entertained for industries generating less than $10m in revenues.

The ABA doesn’t seem interested in paying for changes through the Geneva process, indicating that gambling operators should have to deal with and pay for compliance on their own after a grace period to give them time to adjust.

Licensed Operator Body Supports Ban

Responsible Wagering Australia is an independent body for wagering service providers based in Australia. RWA members include well-known names such as bet365, Betfair, Entain, PointsBet, Sportsbet, and Unibet.

A spokesperson for the group said: “The RWA and its members have been at the forefront of the work to implement a credit card ban – having led the discussions with the banking industry to determine the technical solutions, and delivered them to the government. We cannot speak for other non-member gambling companies.”

While offshore casinos can run credit card gambling transactions through a form of potential money laundering by assigning “the wrong code” to deposit transactions, a few Australian banks have already banned their branded credit cards from being used for gambling transactions, which presumably disallows the purchase of lottery tickets sold for charity fundraising with a credit card. Bank Australia, Bank of Queensland, Citibank, and Suncorp will no longer process MCC 7995.

MPs Sharkie and Wilkie are each preparing legislation to address the issue as well as to introduce suspicious transaction reports to authorities with Rebekha Sharkie’s private member bill focused on banning online credit card gambling and Andrew Wilkie’s bill focused on proceeds of crimes and suspicious transaction report obligations.

Sharkie also wants operators to be required to inform bettors of ongoing losses prior to accepting further bets.

Source: Australian banks urge Albanese government to ban use of credit cards for online gambling, The Guardian, March 26, 2023

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The Las Vegas Convention and Visitors Authority (LVCVA) approved the sale of 10 acres of land on the Las Vegas Strip. The deal, which will see the entity sell the parcel to Brett Torino and Paul Kanavos for $12.5 million per acre, was unanimously approved by LVCVA’s directors.

The $125 million deal will see the land passed to the experienced real estate developers. The 10 acres have historic value for Las Vegas as they were once a part of the famous Riviera property.

The Riviera was a large casino resort that first opened in 1955. After decades in business, the resort and its associated land were acquired by the LVCVA in a $182.5 deal. The agency’s plan was to use the land to erect an expansion of the Las Vegas Global Business District.

In 2015, the LVCVA closed the Riviera and by 2016 it had wrapped up the demolition of the old casino resort. Now, it has secured the sale of an extra parcel of land it didn’t need for the expansion of the Las Vegas Global Business District.

Torino and Kanavos Might Revitalize the Northern Part of the Strip

Brett Torino and Paul Kanavos are seasoned developers with experience in developing Vegas properties. However, they didn’t reveal their plans for the 10 acres of former Riviera land. Still, Torino and Kanavos did say that they picked the location because of its attractive location. While they didn’t confirm anything outright, they implied that a hotel and/or an entertainment complex might be what the future of the plot hides.

The upcoming property might attract more pedestrians toward the northern end of the Strip. According to Steve Hill, the president and chief executive of the LVCVA, Torino and Kanavos’ project is certain to appeal to their neighbors.

The two businessmen have until September 11 to close the deal. If the sale is not completed within that time frame, the LVCVA plans to relist the parcel.

The Current Deal Comes in the Wake of a Failed Sale

This isn’t the first time that the LVCVA has tried to sell this 10-acre plot. Back in 2021, the company agreed to sell the land to Claudio Fischer, a Chilean billionaire. The mogul already owns several casinos in South America and might have resurrected the Riviera or at least the idea of it in some way. Fischer had agreed to buy the land in a $120 million deal but eventually backed out of it.

The billionaire cited the high interest rates as the reason for canceling the agreement.

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From a peak of over a dozen riverboat casinos in Iowa, one of many final three floating playing homes shall be transferring to land quickly, leaving solely two riverboat casinos within the state.

Iowa Racing and Gaming Administrator Brian Ohorilko advised native media retailers that plans have been authorized Thursday for Marquette’s On line casino Queen to turn out to be a land-based operation.

Pari-mutuel canine monitor and horse racing have been approved in 1983, and the state lottery was created two years later. Riverboat playing was authorized by lawmakers in 1989. Racetracks started to supply slots in 1994, and the on line casino operations began transferring from water to land.

In April 1991 Dubuque’s Casino Belle grew to become the first riverboat on line casino in America and there have been ultimately as many as 69 floating casinos on rivers feeding the Atlantic Ocean. By 2004, riverboats have been allowed to function on moored barges somewhat than in open water. That improvement led to operators opening resorts and retail areas adjoining to the casinos. Iowa grew to become the eighth state by which BetMGM started to supply authorized on-line sports activities wagering in Could 2019.

Important New Funding

Talking in regards to the On line casino Queen, IRGA’s Ohorilko stated, “They’re proposing to speculate 12 million {dollars} right into a land-based facility that might join with their present barge space. They’d add a sportsbook and a brand new restaurant.

“With on line casino Queen transferring gaming to [a] land-based space that can go away simply Lakeside and Ameristar On line casino (Council Bluffs) because the two remaining gaming licenses that also have on line casino playing on a ship,” stated the administrator.

With the brand new on line casino connecting to the present barge space, it’s attainable that On line casino Queen might preserve its present handle of 100 Anti-Monopoly Street in Marquette.

With the sluggish however mass exodus of riverboat casinos to land, together with casinos in Sioux Metropolis and Davenport, Ohorilko says no enchancment in gaming income or footfall within the playing venues has been seen but. “The explanations for which can be quite simple — in that usually on a land base facility –, there may be more room to supply, not solely extra gaming however most significantly, extra non-gaming facilities,” for folks to spend their leisure funds on, Ohorilko says.

Extra Latest Gaming Fee Approvals

Latest regulatory approvals by the Racing and Gaming Fee embody a $31 million rework for Harvey’s in Council Bluffs that can embody a number of upgrades. “A brand new Movie star Chef Restaurant, a Man Fieri’s restaurant, renovation of all of their resort rooms, some extra house for gaming, simply to permit for a extra snug expertise for these visitors,” he says.

Q Casino in Dubuque was given approval for the primary section of a multi-million greenback renovation plan. Ohorilko says the revamp is required with the intention to correctly compete with close by gaming operations in different states.

“Nebraska has gaming, we’re beginning to see some building there, significantly within the Omaha market. And so, it’s actually vital for these Iowa amenities to place their finest foot ahead,” Ohorilko says.

Supply: Marquette casino moving to land, leaving only 2 casino boats in Iowa, Radio Iowa, January 27, 2023

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