GGRAsia – Kangwon Land flags 2019 dividend as annual profit up

Kangwon Land flags 2019 dividend as annual profit up

Mar 11, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

Kangwon Land Inc, the operator of South Korea’s only casino resort open to locals, has recommended a final dividend of KRW900 (US$ 0.7546) per share for the year ended December 31, 2019. Such dividend is similar to the one declared for the 12 months to December 31, 2018, according to company records.

In a filing this week to the Korea Exchange, Kangwon Land Inc said the 2019 payout represented a dividend yield of 3.0 percent based on the present market price of the company’s stock.

The total dividend for full-year 2019 amounts to approximately KRW182.47 billion, the company said. The payout is subject to approval at the firm’s shareholder meeting on March 30, it added.

South Korean nationals are only allowed to gamble at Kangwon Land casino resort (pictured) in an upland area of Kangwon province – 150 kilometres (93 miles) from the country’s capital Seoul.

Profit for Kangwon Land Inc rose by 12.7 percent year-on-year in full-year 2019, supported by stronger sales and lower costs, the firm said in a February filing.

In the 12 months to December 31, Kangwon Land Inc reported sales of nearly KRW1.52 trillion, up 5.7 percent from 2018.

The casino at the Kangwon Land resort has been temporarily closed since February 23. It is scheduled to reopen at 6am on March 16. The shutdown was described by Kangwon Land Inc as a precautionary measure related to an outbreak of Covid-19 infections in that country.

The firm said last week it was anticipating its lost casino sales would amount to KRW80 billion. Non-gaming facilities at the resort will also be closed until March 16, according to the company.