Record profits, higher shareholder returns, and government-approved growth plans position Korea’s only local casino for a stronger mid-term outlook.
South Korea.- Kangwon Land Inc. has reported that it has achieved its objectives for the year as part of its Value-up Plan to boost corporate value. In an update to the Korea Exchange, it noted that it achieved record earnings and progress on long-term expansion projects.
Revenue for 2024 rose 2.8 per cent, while net income jumped 34 per cent to an all-time high driven by service upgrades, cost optimisation and gains from financial assets, the company said. It also noted that the return on equity improved, exceeding its cost of equity by 4.6 percentage points.
One of the core objectives of the Value-up Plan was a 60-per-cent shareholder payout ratio by 2026. Kangwon Land says it already met that milestone for the 2024 financial year, distributing KRW234.5bn (US$159m) in dividends and making KRW40bn (US$27m) in share buy-backs, resulting in a 60.1-per-cent payout ratio. The company issued a record annual dividend of KRW1,170 per share, and plans an additional KRW60bn in buy-backs through 2026.
The operator also highlighted improvement in key valuation indicators. Its price-to-book ratio rose from 0.8 times at the end of 2024 to 1.0 times by the second quarter of 2025. It targets 1.2 times by 2026. Governance reforms have continued, with electronic voting, clearer dividend procedures and amendments to enhance minority-shareholder protection. Compliance with governance benchmarks reached 86.7 per cent, with full compliance expected in 2026.
Kangwon Land also reported progress on its growth projects. Government approval was secured in September for the construction of a second casino at its resort, adding nearly 5,800 square metres of gaming space with 50 tables and 250 machines. The new casino floor is scheduled to open in 2027 to reduce crowding while supporting long-term revenue expansion.
Record profits, higher shareholder returns, and government-approved growth plans position Korea’s only local casino for a stronger mid-term outlook. South Korea.- Kangwon Land Inc. has reported that it has achieved…
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