Kangwon Land, the casino and resort company based in Gangwon Province that uniquely allows locals to gamble, reported a full-year profit in 2019 up 12.7 percent.
With sales at KRW1.52 trillion (about US$1.28 billion), which was up 5.7 percent year-on-year, combined with lower costs, net profits for the year came in at KRW335 billion (about US$281 million).
The firm does not offer explanations to accompany the release of financial numbers.
Kangwon Land opened in 2000 as an effort to revitalize a former coal mining community.
South Korea’s three major operators are likely to come through the economic downturn caused by the Covid-19 pandemic without too much difficulty, but the smaller and weaker operators on the island of Jeju may face a much tougher time, analysts say.
A man who was later found positive for covid-19 had reportedly visited Kangwon Land casino during his infectious period, according to local media reports.
Kangwon Land reported a 58.7 percent drop in Q1 sales from the prior year, with the situation also deteriorating on a quarterly basis, declining 25.8 percent from Q4.
Kangwon Land said it has appointed Lee Sam-Geol, a former vice minister in the Ministry of the Interior and Safety as its new CEO.
Former Second Vice Minister of Public Administration and Security Lee Sam-Geol has been approved by shareholders to assume the post of CEO of Kangwon Land.
Kangwon Land has launched a committee to promote gender equality, including the formation of policy recommendations on creating a gender-equal culture and work environment, supporting training for female talent development, preventing of sexual harassment and sexual violence, improving the evaluation system regarding maternity leave, and constructing a workplace daycare center.
Kangwon Land has signed an agreement with game developer Flysher which will see KL Saberi brand slots enter the North American market.
The Kangwon Land Welfare Foundation announced that it provided KRW630 million (US$561,000) for the operation of social welfare facilities and group programs in Gangwon Province as part of the “Welfare Infrastructure Revitalization Project in 2021.”
A resident of the Seoul metropolitan area hit a record jackpot while playing the slots at Kangwon Land, winning KRW987 million (US$878,000).
The board of directors of state-run Kangwon Land has selected Lee Sam-Geol, currently the second vice minister of the Ministry of Public Administration and Security, to become the casino resort’s next CEO. This proposal will be submitted to shareholders in the coming weeks.