Kangwon Land recommends final dividend for 2024

The payment will represent a dividend ratio of 7.3 per cent based on current market price.

South Korea.- Kangwon Land has recommended a final dividend of KRW1,170 (US$0.81) per share for the fiscal year ending December 31, 2024. The payment will represent a dividend ratio of 7.3 per cent based on the current market price of the company’s stock.

According to the company’s filing with the Korea Exchange, the dividend payment totals KRW234.47bn (US$162m). The payout is contingent upon approval at the shareholder meeting scheduled for March 26. The potential payment date has been set for April 4.

For full-year 2024, the operator posted net income of KRW455.38bn (US$317.0m), a rise of 33.6 per cent when compared to the previous year. Sales revenues increased by 2.8 per cent year-on-year, reaching KRW1.43tn. Operating income was flat at KRW283.28bn.

In December, Kangwon Land allocated KRW179.6bn (US$128m) to develop a second casino as part of its wider development plan worth KRW2.5tn (US$1.78bn). This initiative aims to address the issue of overcrowding in the existing casino. The new casino space will be housed within the B1, B2 and ground floors of the High1 Grand Hotel Main Tower. The construction phase began last December, with completion targeted for December 2027.

The expansion will increase the casino area from 14,512 square meters to 20,260 square meters. The number of gaming tables will rise from 200 to 250, while slot machines and other gaming units will increase from 1,360 to 1,610.

Kangwon Land launches “Healthy Game Experience Zone”

Kangwon Land has opened a newly renovated “Healthy Game Experience Zone”. The space adjacent to the casino entrance aims to teach visitors about responsible gaming on real game tables and slot machines. There’s also a self-diagnosis kiosk for gambling problems, which allows users to check their gambling behaviour.

To encourage use, Kangwon Land is offering a small gift to visitors who complete beginner prevention education at the Kangwon Land Mind Filling Center (KLACC) when they visit the zone. Players found to be at medium risk or higher will be connected with professional counsellors for support. The casino operator also plans to work closely with government agencies to refer people showing serious signs of risk to the Korea Gambling Problem Prevention and Treatment Center.