Content Writer: Janice Chew • Thursday, 25/11/2025 - 23:27:41 - PM
South Korea’s only casino operator that permits domestic players, Kangwon Land, has provided an update on its “Value-Up Plan”, originally unveiled in October 2024 and targeting achievement by end-2026. The plan is focused on enhancing shareholder value through three main targets: a 60% total shareholder payout ratio, a price-to-book ratio (PBR) of 1.2x, and full (100%) compliance with key corporate governance metrics.
In its latest implementation status report, Kangwon Land reports that it has already achieved the 60% payout ratio benchmark for FY2024, having distributed KRW 234.5 billion in dividends and executed KRW 40 billion in share buy-backs, resulting in a 60.1% total payout. The PBR has improved to 1.0x as of 2Q 2025 (up from approximately 0.8x at end-2024), with the company still aiming to reach 1.2x by 2026. On governance, compliance with the “Key Indicators of Corporate Governance” has reached 87% so far, aided by initiatives such as rollout of an electronic voting system, more transparent dividend procedures, and annual notifications of dividend policy to shareholders.
On the operational side, Kangwon Land reported a 2.8% revenue increase for FY 2024 and a net income jump of 34% (to record highs), driven by non-gaming revenue growth, cost optimisation, and gains from financial assets. The operator also disclosed that it has expanded its casino floor space by 1,433 m², increasing per-capita gaming space from 2.3 m² to 3.2 m², with a VIP floor remodel in progress and completion scheduled for 1H 2027.
Looking ahead, Kangwon Land is executing a larger US$1.9 billion expansion plan (part of its “K-HIT 1.0” master plan) to grow its resort casino from 14,513 m² of casino space to 20,261 m², increase gaming tables from 200 to 250 and slot machines from 1,560 to 1,810, with completion expected by 2028. In its update, the company stressed that this growth phase is critical given competitive pressures from overseas integrated resorts and the spread of illicit gambling domestically, which threaten its visitor base.
