South Korean casino operator Kangwon Land has reported record profits and is preparing for a major expansion

Kangwon Land, the operator of South Korea's only casino accessible to locals, reported a record net profit of 455.38 billion South Korean won (approximately $32.3 million) for 2024. This figure represents a 33.6% increase compared to the previous year, driven primarily by a rise in the company's non-operational income.
The management of Kangwon Land also noted a modest year-on-year sales growth of 2.8%, reaching 1.43 trillion won ($102.3 million), up from 1.39 trillion won ($99.5 million) last year. Operating profit remained stable at 283.28 billion won ($20.3 million), indicating consistent performance without significant fluctuations.
Earlier this month, Kangwon Land announced plans to invest 179.6 billion won ($12.9 million) in the development of a second resort-casino. This initiative is part of a larger expansion project valued at $1.9 billion (approximately 196.6 billion won), which was unveiled in September.
The addition of a second casino will triple the gaming area of Kangwon Land and create new VIP lounges. The project will also include helicopter services to transport both local and international visitors.
As of December 31, 2024, the company's total assets amounted to nearly 4.71 trillion won ($338.6 million), with liabilities just under 821.73 billion won ($59.4 million). Kangwon Land's management is committed to continuing the expansion and modernization of its assets, aiming to strengthen its market position and attract a broader audience.
Notably, Kangwon Land's management has confirmed the commencement of construction for the second casino in South Korea.