Kangwon Land Hits Record Earnings and Advances Expansion
Korea’s only casino open to local residents, Kangwon Land Inc., has confirmed through a filing to the Korea Stock Exchange that it successfully met all objectives set under its 2024 Value-up Plan. The operator highlighted a year of record financial performance, stronger shareholder returns and steady progress across major expansion projects signaling both strategic discipline and long-term growth momentum.
Record-Breaking Financial Results
The company reported a 2.8% year-on-year rise in revenue for 2024, achieved despite challenging economic conditions. Net income surged 34%, reaching an all-time high. Kangwon Land credited the jump to improved performance across key resort services, effective cost management and gains from financial assets. It also stated that its return on equity surpassed its cost of equity by 4.6 percentage points, reflecting efficient capital use and a healthy financial structure.
Delivering Higher Shareholder Value
As part of its value-up strategy, Kangwon Land reached its 60% shareholder payout ratio target for the year. This included KRW234.5 billion (approx. US$179 million) in dividends and KRW40 billion (US$30.6 million) in share repurchases. The buybacks reduced the total number of outstanding shares further enhancing shareholder value, according to the operator.
Major Expansion Plans Move Forward
The company also reaffirmed its long-term development roadmap. In September 2025, Kangwon Land obtained government approval to proceed with a second casino facility, which will add 5,747 square meters of gaming space, 50 more tables, and 250 additional machines. Construction is scheduled for completion in 2027, after which operations will begin.
Regulatory changes have also helped support the company’s growth. In 2025, updates to gaming rules raised betting limits to KRW3 million (US$2,295), expanded mass gaming areas by 1,433 square meters and broadened access for eligible resident permit holders. Kangwon Land complemented these reforms by rolling out enhanced reservation and ticketing systems to streamline guest access.
Advancing Governance Standards
The operator reported 86.7% compliance with major governance benchmarks and aims to achieve full compliance in 2026. Recent improvements include implementing electronic voting, improving dividend disclosure practices and revising governance rules to strengthen dividend predictability. Upcoming initiatives for 2026 include earlier shareholder meeting notifications and establishing a structured CEO succession plan.
A Vision for Sustainable, Long-Term Growth
Kangwon Land emphasized that its priorities extend beyond immediate financial gains. The company said its ongoing facility upgrades, operational refinements and governance improvements reflect a long-term strategy to maintain sustainable growth. Successfully achieving its 2024 targets, it added, demonstrates the effectiveness of its roadmap and sets a firm foundation for future expansion while continuing to reward shareholders.
The operator signaled that it will remain focused on delivering value, progressing its strategic projects and supporting sustainable development across its resort operations.
