Net income for full-year 2025 at Kangwon Land Inc, operator of South Korea’s only casino open to local residents, declined by 30.7 percent year-on-year, despite sales rising 3.5 percent over the same period.
The decline in net income was attributed to a “decrease in non-operating income year-on-year” during the reporting period, the firm said in a filing to the Korea Exchange on Wednesday.
Kangwon Land Inc is scheduled to disclose its full set of results for 2025 on January 28. The firm operates the Kangwon Land resort (pictured) and its casino in an upland area outside the capital, Seoul.
The net income announcement was made under a Korea Exchange provision that requires listed companies to disclose changes of 30 percent or more in sales, profits or losses.
The financial information reported on Wednesday was “based on the company’s (interim) consolidated financial statement” and was released prior to the completion of an external audit.
Net income last year totalled KRW316.52 billion (US$215.8 million), compared with KRW456.89 billion a year earlier.
Annual sales amounted to just below KRW1.48 trillion, compared with nearly KRW1.43 trillion in 2024. Operating income declined by 17.7 percent year-on-year, to KRW235.18 billion.
The firm may soon face additional financial constraints. According to a media report, South Korea’s Ministry of Trade, Industry and Energy is considering using Kangwon Land Inc’s revenue to help pay off KRW2.46 trillion in debt held by a ministry affiliate, Korea Coal Corp. The plan, as reported by local media outlets, would involve setting aside 10 percent of Kangwon Land Inc’s annual revenue over a 20-year period to settle the debt.
Kangwon Land Inc is also in the process of implementing its “K-HIT 1.0 Project”. The multi-year scheme, with a completion target of 2035 and a budget of KRW3.00 trillion, comprises multiple elements aimed at revamping the Kangwon Land resort.
