Kangwon Land’s non-casino losses reach US$1.26bn

Seven non-casino businesses lost money in 2025 as the operator prepares a US$2.25bn investment in its integrated resort expansion.

Key takeaways:

• Kangwon Land’s non-casino operations accumulated losses of KRW1.69tn (US$1.26bn) through 2025 while the casino business generated a cumulative surplus of KRW15.72tn (US$11.75bn).
• All seven non-casino segments recorded losses in 2025, totalling KRW147.4bn (US$110.5m). The Palace Hotel’s costs reached 3.11 times its revenue, while the ski resort’s costs were 2.36 times revenue.
• Lawmaker Koo Ja-keun has called for a review of the non-casino business structure.

South Korea.- Kangwon Land’s non-casino operations have accumulated losses of nearly KRW1.69tn (US$1.26bn) through 2025, according to company data submitted to lawmaker Koo Ja-keun of the National Assembly. While the casino business generated a cumulative surplus of KRW15.72tn (US$11.75bn) over the same period, seven non-casino segments, including hotels, condominiums, a ski resort, and Water World, have consistently generated a loss.

In 2025 alone, the non-casino segment posted a combined loss of KRW147.4bn (US110.5m), with all seven operations losing money, including the company’s previously profitable golf course. As previously reported, KLSaberi, the company’s slot machine manufacturing unit, recorded cumulative losses of KRW14.8bn (US11.1m) between 2020 and 2025.

According to a report by the National Assembly Budget Office, costs for six non-casino segments reached 1.86 times their revenue in 2025. At the Palace Hotel, costs were 3.11 times revenue, while the ski resort operated at 2.36 times revenue. The publication of the figures comes as Kangwon Land plans to invest KRW3tn (US$2.25bn) by 2035 in its K-HIT project to expand into a global integrated resort. Koo has called for a review of the company’s non-casino structure, arguing that Kangwon Land must reduce its reliance on casino earnings and build self-sustaining growth engines for the local economy.