Dividend Payout Ratio 61.4% and Dividend per Share Set at 350 Won
Kangwon Land, which succeeded in turning a profit for the first time in two years after the COVID-19 pandemic, has confirmed its dividend for last year.
On the 29th, Kangwon Land held its 25th regular shareholders' meeting at the High1 Grand Hotel in Jeongseon-gun, Gangwon Province, and decided on a dividend of 350 KRW per share for the 2022 fiscal year. It also set the 2023 remuneration limit for its 13 board members at a level 1% higher than last year, applying the guidelines for executive compensation in public and quasi-governmental institutions.
A Kangwon Land official said, "The dividend payout ratio for the 2022 fiscal year is 61.4%, the highest ever," adding, "Although we succeeded in turning a profit last year, the operating environment has not fully returned to normal due to the impact of COVID-19, so we considered shareholder interests by maximizing the dividend payout ratio."
Sales and visitor numbers in Kangwon Land’s casino and resort sectors have both been on the rise in January and February this year. The casino recorded an average daily visitor count of 7,300 during the peak winter season of January and February. This represents an 82% increase compared to the same period last year and a 17% increase compared to the average of the previous quarter, Q4 of last year. Sales are also expected to continue their positive trend compared to the previous year and quarter.
Resort sales rose 10% compared to the same period in 2019, surpassing pre-pandemic levels. This is due to increased resort occupancy rates and visitor numbers, with the cumulative room occupancy rate for January and February this year reaching 77.3%, exceeding the 71.5% occupancy rate for the same period in 2019.
In line with this trend, Kangwon Land will begin operating electronic table multi-games from April to increase sales. Electronic tables typically allow only one game per terminal (seat), but with the introduction of multi-games, customers can choose 2 to 3 games such as Baccarat, Blackjack, Roulette, or Sic Bo at one terminal according to their preference. As the number of game rounds increases, sales are expected to rise, and customer convenience will be enhanced as players will not need to leave their seats when changing game types.
Services to improve customer convenience, such as expanding the casino floor area, will also be strengthened. Kangwon Land is currently working on design plans for remodeling. Once the design is completed in August, preparations including bidding will take place, with construction scheduled to begin by the end of this year and be completed next year. Upon completion of this expansion, the space previously used as a restaurant will be converted into casino floor space, increasing Kangwon Land’s casino floor area from the current 14,053㎡ to 15,486㎡, an increase of about 10%.
Until now, the average area per gaming machine at Kangwon Land has been about 60% of that at other domestic casinos, which has been criticized for causing inconvenience to customers due to the cramped space.
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