Kangwon Land, the only casino in South Korea at which locals are permitted to gamble, reported net income of KRW455.4 billion (US$317 million) for FY24, representing a 33.6% improvement over 2023 income.
According to information filed with the Korea Exchange this week, the improved profitability came despite sales growing by just 2.8% to KRW1.43 trillion (US$996 million). The company revealed that, while operating income was largely in line year-on-year, income from continuing operations and before income tax improved by 23.3% to KRW563.6 billion (US$392 million).
Kangwon Land specifically cited “an increase in non-operating income year-on-year” as the main reason for the improved performance.
With sales growth having been stunted in recent years, the company announced in September that it will invest US$1.9 billion into a major expansion of its resort, which is a popular skiing destination in winter. The expansion will include a US$128 million investment into a second casino site which it said will “create a more enjoyable gaming environment by addressing the issue of overcrowding in [the] existing casino.”
The new casino facility is planned to cover 16,161 square meters and be located across multiple floors of the High1 Grand Hotel Main Tower, incorporating new VIP rooms with helicopters utilized to fly in both Korean and international visitors, while a sky bridge will link the casino to the nearby High1 Ski and Golf Resort.
Kangwon Land has since been granted permission to increase the total number of gaming tables it operates from 200 to 250 and gaming machines from 1,560 to 1,860, with betting limits in dedicated foreigner-only zones to be increased significantly from KRW300,000 (US$210) currently to KRW300 million (US$210,000).
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