Kangwon Land sees profits rise in 2019

South Korean gaming operator records a 12.7 percent increase in annual revenues to US$283.3 million.

South Korea.- Kangwon Land Inc, the operator of the only casino resort in Gangwon Province where only the country’s nationals are allowed to gamble, says its 2019 profit was up 12.7 percent year-on-year.

Profit in the 12 months to December 31 was KRW335.06 billion (US$283.3 million) compared with KRW297.24 billion in 2018, according to a filing to the Korea Exchange.

The better financial results came from a rise in sales combined with lower costs.

Last January, the company announced that current CEO and Director, Moon Tae-Gon, had been appointed as interim Chairman of the company.

The Kangwon Land casino resort is located 150 kilometres from the capital Seoul and opened in 2000 as part of efforts to revitalize a former coal mining community.

It is the only authorised provider of casino gaming to South Korean nationals and is closely monitored by the government.