South Korea’s Kangwon Land reports rise in net income
The company attributed the rise in net income to an increase in non-operating income during the period.
South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has shared its financial results for the year 2024. It posted a net income of KRW455.38bn (US$317.0m), a rise of 33.6 per cent when compared to the previous year.
The company’s sales revenues increased by 2.8 per cent year-on-year, reaching KRW1.43tn. Operating income was flat in year-on-year terms at KRW283.28bn. Total assets for the year were nearly KRW4.71tn, while its total liabilities were just under KRW821.73bn.
In 2024, the casino operator bought back KRW40bn in stock. Over the next two years, Kangwon Land expects to buy back up to KRW600bn as part of its plan to boost corporate value announced last October.
Last 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 metres to 20,260 square metres. 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 obtained approval for the project from the Ministry of Culture, Sports and Tourism on September 4. The total equity capital for the undertaking amounts to KRW3.67tn (US$2.62bn).
