Kangwon Land Inc. said all of its 2024 Value-up Plan targets were fully met, highlighting record earnings, expanded shareholder returns, and progress on long-term growth projects, according to a filing submitted to the Korea Stock Exchange on Tuesday.
The company reported that revenue rose 2.8 percent in 2024, while net income increased 34 percent to an all-time high. Kangwon Land said the performance was driven by service enhancements across the resort, cost optimisation efforts and gains from financial assets. The company also noted that its return on equity exceeded its cost of equity by 4.6 percentage points in 2024.
Kangwon Land, Korea’s only casino accepting local patrons, said it achieved a total shareholder payout ratio of 60 percent for the year, meeting the 2024 target set under its multi-year Value-up framework.
The company distributed KRW234.5 billion ($179 million) in dividends and repurchased KRW40 billion ($30.6 million) in shares. It also emphasised that outstanding shares continued to decline due to buy-backs.
In the document updating the execution status, the operator stated that it intends to further strengthen returns under its FY2024–2026 shareholder return policy, which includes KRW60 billion ($45.9 million) in additional buybacks over 2025–2026. It also issued its highest-ever dividend of KRW1,170 per share for 2024.
Kangwon Land detailed progress on expansion initiatives aimed at supporting mid- to long-term growth. The company secured government approval in September 2025 to construct a second casino facility, adding 5,747 square metres of new gaming space. The expansion includes 50 new gaming tables and 250 machines, with operations on the new floor scheduled to begin once construction is completed in 2027.
The company also highlighted regulatory easing measures that took effect in 2025. These include raising the maximum betting limit to KRW3 million ($2,295), expanding mass gaming space by 1,433 square metres and allowing entry for resident permit holders. Kangwon Land also introduced improvements to customer access systems, such as upgraded reservation and ticketing processes.
On corporate governance, Kangwon Land said it achieved an 86.7 percent compliance rate with key governance indicators, with full compliance expected by 2026. Completed actions include the rollout of an electronic voting system, enhanced dividend disclosure procedures and amendments to improve predictability of cash dividends. Additional measures planned for 2026 include earlier notice of shareholder meeting convocations and adoption of a CEO succession policy.
