{"id":23496,"date":"2021-10-13T10:25:11","date_gmt":"2021-10-13T13:25:11","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=23496"},"modified":"2026-04-23T14:51:29","modified_gmt":"2026-04-23T17:51:29","slug":"kangwon-lands-main-shareholder-transfers-stake","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-lands-main-shareholder-transfers-stake","title":{"rendered":"Kangwon Land’s main shareholder transfers stake"},"content":{"rendered":"\n

The Mine Reclamation Corp, one of Kangwon Land’s main shareholders. has announced it has transferred its entire 36.27 per cent stake to an entity called the Korea Mine Rehabilitation and Mineral Resources Corp.<\/p>\n\n\n\n\n\n\n\n

South Korea.- The Mine Reclamation Corp, one of South Korean casino\u00a0Kangwon Land<\/strong>‘s main shareholders,\u00a0has transferred nearly 77.6 million shares<\/strong>\u00a0to the Korea Mine Rehabilitation and Mineral Resources Corp. The group had a 36.27 per cent stake<\/strong>\u00a0in the casino operator, making it the largest single investor in the company.<\/p>\n\n\n\n

The Korea Mine Rehabilitation and Mineral Resources Corporation is a new public agency responsible for overseeing Korea’s metal, mineral, and mining affairs.\u00a0It was established by\u00a0merging two existing organisations<\/strong>: Korea Resources Corporation and the Mine Reclamation Corporation, which held the stake in Kangwon Land.<\/p>\n\n\n\n

Kangwon Land\u2019s licence<\/a>\u00a0<\/strong>has been extended for another 20 years until 2045 in return for a tax increase. The licence for the only casino in South Korea that is open to nationals was to end in 2025 but has been extended\u00a0in exchange for a payment of 13 per cent of gross gambling revenue<\/strong>\u00a0to the Abandoned Mine Fund.<\/p>\n\n\n\n

The new agreement replaces the current 25 per cent tax on profit before tax (PBT)<\/strong>. According to the government, the change is to ensure that payments are made regardless of whether the company is profitable. It will effectively increase payments by around 43 per cent to KRW208bn.<\/p>\n\n\n\n

Kangwon Land recovery depends on higher vaccination rates<\/h2>\n\n\n\n

Analysts at South Korean brokerage NH Investment and Securities Co Ltd<\/a> predict that the South Korean casino Kangwon Land <\/strong>could post consolidated sales up 256 per cent during the third quarter <\/strong>when compared to the previous year.<\/p>\n\n\n\n

The casino operator could reach KRW272.5bn (US$232.8m)<\/strong> in consolidated sales for the three months to September 30 if South Korea shifts \u201cas long as the vaccination rates increases.\u201d<\/p>\n\n\n\n

According to analysts, the rise in vaccination rates would lead to an easing in Covid-19 restrictions. Kangwon Land\u2019s capacity is currently limited to 30 per cent <\/strong>due to countermeasures imposed by the government. However, the casino venue registered an average total number of daily visitors similar to pre-pandemic figures. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Mine Reclamation Corp, one of Kangwon Land’s main shareholders. has announced it has transferred its entire 36.27 per cent stake to an entity called the Korea Mine Rehabilitation and Mineral Resources Corp.<\/p>\n","protected":false},"author":176,"featured_media":17776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Mine Reclamation Corp, a major shareholder in South Korean casino operator Kangwon Land, has transferred its 36.27% stake to the newly formed Korea Mine Rehabilitation and Mineral Resources Corp. Concurrently, Kangwon Land's exclusive domestic casino license has been extended until 2045, contingent on a revised tax structure shifting from 25% PBT to 13% GGR, projected to increase payments by 43%. Analysts anticipate significant Q3 sales recovery for Kangwon Land, driven by increasing vaccination rates and easing COVID-19 restrictions.","focusai_entities":"Mine Reclamation Corp, Kangwon Land, Korea Mine Rehabilitation and Mineral Resources Corp, Korea Resources Corporation, NH Investment and Securities Co Ltd","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.85), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GGR Tax Impact","query":"What is the projected net impact on Kangwon Land's EBITDA and free cash flow from the shift to a 13% GGR tax, considering the previous 25% PBT structure and the KRW208bn payment increase?"},{"label":"Governance Implications","query":"How does the transfer of a 36.27% stake in Kangwon Land to a new public agency, Korea Mine Rehabilitation and Mineral Resources Corp, alter the operator's corporate governance framework and strategic autonomy?"}],"footnotes":""},"categories":[157,16338],"tags":[16471,23907],"class_list":["post-23496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-kangwon-land","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=23496"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23496\/revisions"}],"predecessor-version":[{"id":23511,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/23496\/revisions\/23511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17776"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=23496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=23496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=23496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}