Kangwon Land has announced a 30.7 percent drop in net income for 2025, attributing the fall to ‘a decrease in non-operating income year-on-year’.
According to unaudited results released on Wednesday, net income for the year totaled KRW316.51 billion ($215.41 million), despite sales coming in at KRW1.47 trillion ($1 billion) – a slight 3.5 percent uptick yearly.
Operating income, however, fell by 17.7 percent – to KRW235.17 billion ($160.05 million) and the company’s liabilities at year-end amounted to KRW892.97 billion ($607.65 million).
The figures released on Wednesday come prior to the completion of an external audit, with possible changes in the final results set to be released on January 28th.
Aside from a revamp of its Kangwon Land resort, the company could soon be facing more financial pressure from the Korean government, which aims to channel part of its revenue to help its indebted state coal firm.
According to local media, the Ministry of Trade, Industry and Resources is reviewing a proposal to allocate about 10 percent of Kangwon Land’s yearly revenue to repay the Korea Coal Corporation (KOCOAL)’s KRW2.5 trillion ($1.67 billion) debt.
The scheme would take 10 percent yearly from KL’s revenue over roughly 20 years. It has been described as an integrated execution strategy, given that the Korea Mine Rehabilitation and Mineral Resources Corporation holds a 36.27 percent stake in the gaming operator.
The proposal would only potentially be finalized after interagency discussions scheduled for February.
Kangwon Land is the only South Korean casino operator that allows local gambling.
