Kangwon Land flags 2022 dividend as it returns to profit

Mar 10, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Kangwon Land Inc, the operator of South Korea’s only casino resort open to locals, has recommended a final dividend of KRW350 (US$0.264) per share for the year ended December 31, 2022. This is the firm’s first dividend after two years of suspension, as its business was negatively impacted by the Covid-19 pandemic and related travel restrictions.

In a Thursday filing to the Korea Exchange, Kangwon Land Inc said the 2022 payout represented a dividend yield of 1.5 percent based on the present market price of the company’s stock.

The total dividend for full-year 2022 amounts to nearly KRW70.96 billion, the company said. The payout is subject to approval at the firm’s shareholder meeting on March 29, 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.

Kangwon Land returned to profit in full-year 2022, recording net income of KRW115.6 billion. It said that was due to the fact that the “casino operation environment” in South Korea “had been normalised” following the scrapping in April of social distancing policies linked to the Covid-19 pandemic.

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