Kangwon Land Inc, operator of Kangwon Land – the only casino in South Korea that allows local residents to gamble – says implementation of its plan to boost its corporate value is progressing well, with “100 percent of 2024 targets achieved”.
The company on Tuesday released an implementation status report for its “Value-up Plan”, disclosed in a filing to the Korea Exchange.
The original plan had been announced in October 2024. According to that document, Kangwon Land Inc aimed to reach a total shareholder payout ratio of 60 percent by 2026.
The firm said in its implementation status report that the 60-percent payout ratio had already been achieved in relation to the 2024 financial year, as it paid KRW234.5 billion in dividends and conducted share buy-backs worth KRW40 billion, leading to a 60.1 percent total shareholder payout ratio.
Among other objectives under the “Value-up Plan”, Kangwon Land Inc seeks to achieve a price-to-book (PBR) ratio of 1.2 times by 2026. The firm said in its implementation status report that the PBR stood at 1.0 times as of the second quarter of 2025, up from 0.8 times in the fourth quarter of the previous year.
Kangwon Land Inc also outlined a series of measures already implemented focused on improving minority-shareholder protection. These included the rollout of an electronic voting system for shareholders and “improvement of dividend procedures to enhance predictability of cash dividends”.
The firm noted that revenue for 2024 increased by 2.8 percent, “driven by company-wide service enhancement and diversification efforts in non-gaming revenue”. Net income for the period rose by 34.0 percent to “record highs, driven by cost optimisation, gains from financial assets, and proactive tax-defence strategies”.
Kangwon Land Inc said its return on equity (ROE) for 2024 improved by 2.5 percentage points, to 12.1 percent, with ROE down by 1.5 percentage points, to 7.5 percent.
The company is building a second casino venue at the Kangwon Land complex. As of Tuesday’s update, construction was expected to be completed by 2027. The plan for the new casino area includes 50 tables and 250 slot machines.
The firm also mentioned the introduction of measures to promote an “improved gaming experience”. These included an expansion of the mass-gaming floor to alleviate overcrowding. Also planned is a revamp of the VIP floor, scheduled for completion in the first half of 2027.
