South Korea's Kangwon Land is planning to invest $1.9 billion in transforming its casino into a luxurious integrated resort.

South Korean casino operator Kangwon Land reported net income of KRW345 billion ($260 million) for 2023, marking a 199 percent increase from 2022. 

The gaming operator of South Korea's exclusive casino for locals, Kangwon Land Inc., has announced a change in leadership. The vice-president of the firm, Choi Cheol-Gyu, substituted the former CEO Lee Sam-Geol after his resignation last Friday.

South Korean casino operator Kangwon Land Kangwon Land reported net profits of KRW73.8 billion ($56.2 million) for 3Q23, a 19.4 percent decrease from 2Q23 and a slight 1.3 percent decline on a year-on-year basis.

Korean gaming company Kangwon Land KRW89.2 billion ($68.5 million) in net profits for the second-quarter of this year, up 138.3 percent from a year earlier, but a 12 per cent drop from the previous quarter.

The only casino in South Korea which allows locals to gamble, Kangwon Land, has reported a 1,001.6 percent quarterly increase in profit for the first quarter of this year, topping KRW101.53 billion ($76.71 million).

South Korea's only local-welcoming casino Kangwon Land is offering its first stock dividend in two years, for 2022, announcing to the Korean stock exchange that it would pay out some KRW70.95 billion ($53.73 million).

Korea’s only locals-accepting casino, Kangwon Land, has entered into an agreement to supply gaming machines in the Philippines, aiming to install 30 gaming machines in the country by Aprill.

South Korean casino operator Kangwon Land saw its gross gaming revenue (GGR) rise some 60.6 percent yearly during the third quarter, reaching KRW378.8 billion ($280 million), driven by increases across all gaming segments.

Following Kangwon Land 2Q22 earnings report, J.P. Morgan has rated the company as “Overweight” based on the solid second quarter numbers for the period ended on Jun 30 and anticipating a turnaround by the company likely to cross pre-COVID numbers.