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Operator of Korea's only casino licensed for Korean citizens, plus an attached ski resort, in Gangwon province.
Operator of Korea's only casino licensed for Korean citizens, plus an attached ski resort, in Gangwon province.
Earns nearly all its income from the gaming floor, with the hotel, ski slopes and golf course small beside it. The casino opened in 2000 to revive a former coal-mining region and runs under a government licence, so its rivals are foreigners-only casinos and illegal betting.
In one line: Korea's sole domestic-legal casino operator.
Moat: wide (regulatory licence). Sole legal casino license allowing Korean nationals to gamble domestically.
Headquarters: Jeongseon, South Korea · Founded: 1998 · Employees: 4,906
Size Kangwonland (035250.KS) is a South Korea Consumer Discretionary company (Casinos/Gaming) with a market value of $2.13B, the 132nd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩14,430 on 6 Nov 2026.
Performance Over six months the shares fell 16.1%, against -10.6% for the median peer and -24.5% for the South Korea market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +3.5%); the operating margin is 14.7% (peer median 15.9%).
Valuation It trades at 11.0× forward earnings against a peer median of 11.5× (9th cheapest of 18).
Capital Return on invested capital runs 10.8 points above its cost of capital (5.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩1.47T | ₩1.48T | ₩1.43T | ₩1.39T | ₩1.27T |
| Revenue growth | — | +3% | +3% | +9% | — |
| Gross profit | ₩350B | ₩366B | ₩404B | ₩388B | ₩332B |
| EBITDA | ₩307B | ₩321B | ₩487B | ₩364B | ₩296B |
| Net income | ₩330B | ₩318B | ₩457B | ₩341B | ₩116B |
| Free cash flow | ₩122B | ₩179B | ₩380B | ₩268B | ₩391B |
| Capital expenditure | ₩135B | ₩122B | ₩119B | ₩70.5B | ₩29.8B |
| Total debt | ₩51.7B | ₩53.7B | ₩54.4B | ₩61.1B | ₩65.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kangwonland 035250.KS | $2.13B | -16% | +2% | 15% | 11.0× | n/a |
| Paradise 034230.KS | $620M | -39% | +8% | 11% | 11.5× | n/a |
| Grand Korea Leisure 114090.KS | $373M | -32% | +8% | 11% | 9.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 035250.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | +2.9% | 10th lowest of 21 |
| 6-month return | -16.1% | -10.6% | 7th lowest of 21 |
| Distance from 52-week high | -22.2% | -35.5% | 8th highest of 21 |
| Revenue growth (TTM) | +1.8% | +3.5% | 7th lowest of 21 |
| Operating margin | 14.7% | 15.9% | 11th highest of 21 |
| Forward P/E | 11.0× | 11.5× | 9th cheapest of 18 |
| ROIC minus cost of capital | +10.8 pp | +1.7 pp | 6th highest of 21 |
| Net debt / EBITDA | -9.6× | 3.1× | least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Betsson BETS-B.ST | Sweden | $1.34B | +10% | 0% | 14% | 10.4× | -18.0% | +15.7% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Tokyotokeiba 9672.T | Japan | $868M | -11% | +3% | 37% | 11.7× | -10.8% | +7.7% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| GENDA 9166.T | Japan | $754M | +20% | +47% | 3% | 16.4× | n/a | n/a |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Star Entertainment SGR.AX | Australia | $724M | +48% | -9% | -30% | n/a | n/a | n/a |
| Melco International Development 0200.HK | Hong Kong | $695M | -42% | +7% | 21% | 5.9× | -4.9% | +26.6% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| Bally's BALY | United States | $625M | -4% | +20% | 0% | n/a | n/a | n/a |
| Paradise 034230.KS | South Korea | $620M | -39% | +8% | 11% | 11.5× | n/a | n/a |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |