Tuesday, February 11, 2025
HomeNewsSouth KoreaKangwon Land reports 33.6% increase in net income for 2024

Kangwon Land reports 33.6% increase in net income for 2024

Kangwon Land, the operator of South Korea’s only casino open to local patrons, reported a net income of KRW455.38 billion ($316 million) in 2024, marking a 33.6 percent increase compared to the previous year.

The growth in net income was attributed to a boost in non-operating income during the period.

According to a company update to the Korea Exchange on Monday, sales also saw a modest rise of 2.8 percent year-on-year, reaching KRW1.43 trillion ($1.06 billion), compared to nearly KRW1.39 trillion ($1.03 billion) the previous year.

Operating income remained unchanged at KRW283.28 billion ($196.55 million), reflecting flat year-on-year performance.

As of December 31st, 2024, the company’s total assets amounted to nearly KRW4.71 trillion ($3.49 billion), while total liabilities stood just under KRW821.73 billion ($570 million).

Earlier last month, Kangwon Land revealed plans to invest KRW179.6 billion ($128 million) in developing a second casino site, as part of a broader $1.9 billion expansion announced in September. The new facility will span 16,161 square meters and be located across multiple floors of the High1 Grand Hotel Main Tower. Construction began in December 2024, with completion expected in December 2027.

The addition of the second casino will triple Kangwon Land’s gaming area, introducing new VIP rooms, with helicopters arranged to transport both Korean and international visitors. A sky bridge will also connect the casino to the nearby High1 Ski and Golf Resort.

In conjunction with this development, Kangwon Land has been granted approval to increase its number of gaming tables from 200 to 250 and gaming machines from 1,560 to 1,860. Betting limits in the dedicated foreigner-only zones will also see a significant increase, rising from KRW300,000 ($205) to KRW300 million ($205,560.).

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

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