South Korea considers using Kangwon Land revenue to repay Korea Coal Corp debt
Kangwon Land Inc reported revenues of just under KRW1.43trn (US$971m) in 2024.
South Korea.- The Ministry of Trade, Industry and Energy in South Korea is reportedly considering plans for state-owned casino firm Kangwon Land Inc to settle a KRW2.46trn (US$1.67bn) debt owed by its affiliate, Korea Coal Corp. According to local news outlet Chosun Biz, officials believe the debt could be repaid by allocating 10 per cent of Kangwon Land Inc’s annual revenue over the next 20 years.
Kangwon Land is South Korea’s only casino open to locals. It generated revenue of KRW1.43trn (US$971m) in 2024, according to a January 2025 filing with the Korea Exchange.
Although the ministry noted that the matter was “yet to be decided”, the move is already facing opposition from some stakeholders. A local civic group from Jeongseon County in Gangwon Province, where the resort is located, has issued a statement opposing the proposal.
The group maintained that there are “no provisions in the Special Act” to allow for the proposed debt arrangement and that priority should be given to easing operating restrictions at Kangwon Land due to the upcoming opening of MGM Osaka in Japan, scheduled for 2030. Kangwon Land has sought government concessions as part of its K-HIT 1.0 reinvestment initiative aimed at making the casino globally competitive.
