Kangwon Land stock faces scrutiny as non-casino losses mount
Published on 11/04/2026 at 00:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSResort strategy faces scrutiny
- Seven non-casino operations lost money in 2025.
- A new committee is reviewing the feasibility of the K-HIT resort plan through the end of 2026.
- Kangwon Land is seeking to reduce its reliance on casino earnings through broader resort activities.
Kangwon Land's diversification strategy is under pressure after seven non-casino businesses reported losses for 2025. Focus Gaming News reported on October 13 that the businesses together lost KRW 147.4 billion, including hotels, condominiums, a ski resort, Water World and a golf course.
Non-casino losses raise pressure
The losses add to cumulative non-casino losses of almost KRW 1.69 trillion through 2025, according to the report. By contrast, the casino business generated a cumulative surplus of KRW 15.72 trillion over the same period. Costs at the Palace Hotel reached 3.11 times revenue, while the ski resort's costs were 2.36 times revenue.
K-HIT plan enters review
The figures arrive as Kangwon Land pursues the K-HIT project, a planned KRW 3 trillion investment intended to broaden the resort beyond casino operations by 2035. A management committee launched on October 2 is reviewing major policy projects, including the feasibility of K-HIT, as well as organizational and workplace issues. The review is scheduled to continue through the end of 2026.
The project therefore faces a test of scale and commercial execution rather than a confirmed cancellation. For investors, the central issue is whether hotels, leisure facilities and other non-gaming activities can become more self-sustaining while the casino remains the group's main earnings source.
Business model and competitors
Barron's describes Kangwon Land as a South Korean casino and entertainment company headquartered in Jeongseon-gun. Its activities include casino services, hotels and condominiums, food and beverage operations, convention facilities and the redevelopment of former mining areas. The company occupies a resort-focused niche within a South Korean casino peer group that includes Grand Korea Leisure and Paradise, which Barron's lists among its peers. That broader resort mix also creates more operating exposure outside gaming than a casino-only model.
Kangwon Land company facts
- Company: Kangwon Land Inc.
- ISIN: KR7035250000
- Ticker: 035250
- Listing: Korea Exchange
- Headquarters: Jeongseon-gun, South Korea
- Key review: K-HIT feasibility assessment through the end of 2026
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