Casinos in South Korea: Kangwon Land to repurchase US$29.5bn in shares
Kangwon Land will buy back 2.4m shares.
South Korea.- Kangwon Land has announced that it will acquire 2,405,292 units of its common stock, equal to nearly 1 per cent of issued shares, for KRW40bn (US$29.5m) to stabilise its public share price and improve shareholder value. The buyback permission is limited to 320,442 units per day until January 10, 2025.
The company said it will carry out the buyback through direct purchase on the exchange with NH Investment & Securities managing the process.
In April, Kangwon Land unveiled a KRW2.5tn (US$1.85bn) investment plan dubbed K-HIT Project 1.0. It will triple the size of casino space by 2032. The company aims to enhance the gaming experience for international visitors and align operational standards, including betting restrictions, with global benchmarks.
In an interview with The Korea Times, Choi Cheol-kyoo, the interim CEO of Kangwon Land, said he aims to transform the resort into a world-class tourist destination with a wide range of offerings beyond gambling. He said the company plans to increase non-casino revenue from 13 per cent to 30 per cent by 2032 and add more restaurants and retail outlets and a larger space for shows and events.
“Just as Las Vegas transformed from a desert mining town into a global entertainment hub, Kangwon Land has the potential to transform from a former coal mining region. Distance is no longer a barrier in today’s world, and we aim to create a world-class destination here,” he stated.
