{"id":777022179,"date":"2025-01-21T05:42:05","date_gmt":"2025-01-21T08:42:05","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777022179"},"modified":"2026-04-22T02:34:54","modified_gmt":"2026-04-22T05:34:54","slug":"south-koreas-kangwon-land-reports-a-rise-in-2024-net-income","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-koreas-kangwon-land-reports-a-rise-in-2024-net-income","title":{"rendered":"South Korea\u2019s Kangwon Land reports rise in net income"},"content":{"rendered":"\n

The company attributed the rise in net income to an increase in non-operating income during the period.<\/p>\n\n\n\n\n\n\n\n

South Korea.- Kangwon Land<\/strong>, the only casino in South Korea that allows locals to enter, has shared its financial results for the year 2024. It posted\u00a0a net income of <\/strong>KRW455.38bn (US$317.0m), a rise of 33.6 per cent when compared to the previous year.<\/p>\n\n\n\n

The company\u2019s\u00a0sales revenues increased by 2.8<\/strong> per cent year-on-year<\/strong>, 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.<\/p>\n\n\n\n

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<\/a> announced last October.<\/p>\n\n\n

\n
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Kangwon Land is based in Gangwon Province, South Korea. Source: LinkedIn.<\/figcaption><\/figure>\n<\/div>\n\n\n

Last December, Kangwon Land\u00a0<\/strong>allocated KRW179.6bn (US$128m) to develop a second casino<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The expansion will increase the casino area from 14,512 square metres to 20,260 square metres. The number of gaming tables<\/strong>\u00a0will rise from 200 to 250, while\u00a0slot machines and other gaming units<\/strong>\u00a0will increase from 1,360 to 1,610.<\/p>\n\n\n\n

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).<\/p>\n","protected":false},"excerpt":{"rendered":"

The company attributed the rise in net income to an increase in non-operating income during the period.<\/p>\n","protected":false},"author":176,"featured_media":14703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land, South Korea's sole casino for locals, reported a 33.6% rise in 2024 net income to KRW455.38bn, driven by non-operating income, while sales revenues grew 2.8%. Concurrently, the operator is executing a KRW2.5tn development plan, including a KRW179.6bn expansion to increase gaming capacity and address overcrowding, targeting completion by December 2027. The company also announced a significant stock buyback program to enhance corporate value.","focusai_entities":"Kangwon Land, Ministry of Culture, Sports and Tourism, High1 Grand Hotel Main Tower","focusai_location":"South Korea, Gangwon Province","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.8), operator_casino (0.95), product_ux (0.7), tech_data (0.7), marketing_crm (0.7), payments_fraud_aml (0.7), investor_analyst (0.98), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Buyback Impact","query":"What is the projected EPS accretion from the KRW600bn stock buyback program, and how does it align with Kangwon Land's long-term capital allocation strategy?"},{"label":"Expansion ROI","query":"Given the KRW2.5tn development plan, what are the anticipated GGR and NGR uplift projections from the expanded gaming capacity, and what is the expected ROI timeline?"}],"footnotes":""},"categories":[16338,163],"tags":[16471],"class_list":["post-777022179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-kangwon-land"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777022179","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=777022179"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777022179\/revisions"}],"predecessor-version":[{"id":777022232,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777022179\/revisions\/777022232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14703"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777022179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777022179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777022179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}