Kangwon Land, Korea’s only casino accepting local patrons, has announced a corporate value-up plan that includes a share buyback initiative and financial goals aimed for achievement by 2028.
In a voluntary disclosure filed with the Korea Stock Exchange on Thursday, Kangwon Land pledged to initiate a share buyback program totaling KRW100 billion ($73 million). The first phase will involve a buyback of KRW40 billion ($29 million) in 2024, with an additional KRW 60 billion ($44 million) planned for 2025 and 2026.
Additionally, the company has committed to maintaining a minimum dividend payout ratio of 50 percent. The plan also includes achieving a price-to-book ratio (PBR) of 1.2x, a total shareholder payout ratio of 60 percent, and 100 percent compliance with key corporate governance indicators.
As reported by AGB last week, Kangwon Land aims to evolve into a global integrated resort (IR) by enhancing its non-gaming facilities. The company seeks to increase its non-casino revenue from 13 percent to 30 percent by 2032. With a strong commitment to improving the resort, set amidst highlands and natural surroundings, Kangwon Land aspires to be recognized as Korea’s version of Las Vegas.
In April of this year, the gaming resort operator announced a new phase of development valued at KRW2.5 trillion ($1.8 billion). This expansion is expected to triple the size of its casino space to 49,500 square meters by 2032. The new phase will also include an increase in hotel capacity and investments in various non-gaming facilities.
In early September, it was announced that the country’s Ministry of Culture, Sports and Tourism would allow an expansion of the Kangwon Land resort’s mass gaming area, including an increase in the number of gaming tables and machines.
