Net income for the 12 months to December 31 at Kangwon Land Inc, operator of South Korea’s only casino open to locals, rose 33.6 percent year-on-year, while sales rose 2.8 percent.
The reasons for the improvement in net income was due to an increase in non-operating income during the period, said the firm in the Monday filing to the Korea Exchange.
Net income for the firm, which runs the Kangwon Land resort (pictured) and its casino in an upland area outside the capital Seoul, was nearly KRW455.38 billion (US$317.0 million) for the year, compared to KRW340.88 billion a year earlier.
Annual sales were just under KRW1.43 trillion, compared with nearly KRW1.39 billion in 2023. Operating income was flat year-on-year, at KRW283.28 billion.
The firm’s total assets for the year were nearly KRW4.71 trillion, while its total liabilities were just under KRW821.73 billion.
According to the group’s investor relations information on its website, the first week of March will see the board decide on any cash divided proposal for 2024, and dividend payout date.
The firm is targeting a total shareholder payout ratio of 60 percent, based on its shareholder return policy for financial years 2024 to 2026 inclusive.
In financial year 2024, Kangwon Land Inc bought back KRW40 billion in stock. For financial year 2025 and 2026 in aggregate, it is targeting to buy back up to KRW60 billion under its “value up plan” as announced in October.
In early December, the firm’s board authorised a “second casino venue” at the Kangwon Land complex via a KRW179.6-billion investment. The additional gaming space will provide an extra 50 tables and 250 gaming machines.
The South Korean company has also recently agreed to a number of ventures and initiatives for its gaming equipment unit.
They include a deal with Massive Gaming Pty Ltd (MVG), an Australia-based business-to-business iGaming content provider, to launch the “Shen Shou Wan Fu” online game title as a physical slot machine.
