Kangwon Land Inc, the operator of South Korea’s only casino open to locals, is to have its gaming licence extended for 20 years, to 2045, following a cabinet meeting that approved an amendment to the law that allows operation of the Kangwon Land resort.
The property (pictured) is located in an abandoned mine region in an upland area of South Korea, three hours by road from the capital Seoul.
In return for the update to the Special Act on the Assistance to the Development of Abandoned Mine Areas, the operating firm is to pay more tax to the government, reported local news outlet Chosun Biz.
Under the amendment, Kangwon Land Inc is to contribute 13 percent of its gross gaming revenue to South Korea’s Abandoned Mine Fund, compared to the 25 percent of pre-tax profits that it currently pays.
According to the media report, the government is estimating tax revenues of about KRW208 billion (US$178.3 million) per year from Kangwon Land Inc, up 43 percent from what the firm currently pays each year. Such tax revenue would amount to about KRW5 trillion for the duration of the extended licence.
Kangwon Land Inc recorded second-quarter net profit of nearly KRW20.9 billion, as compared to a net loss at KRW40.9 billion in the previous quarter and a loss of KRW45.56 billion a year ago, according to the firm’s unaudited financial results published earlier this month.
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