South Korea – A casino and resort firm based in Gangwon Province; Kangwon Land, has today announced that it is recommending a final shareholder dividend of around 0.75 dollars per share for the year 2019 as annual profits are up.
According to reports, the figure is similar to the dividend that was paid for the previous year and the firm has stated that the figure represented three percent on the current market price of the firm’s stock.
As this is only a recommendation, the total dividend and payout is subject to shareholder approval at a meeting that will take place at the end of the month.
Reportedly, profits at the South Korean gaming establishment, the only venue that allows local patrons to gamble, increased by more than twelve percent compared with the same period the previous year.
Sales were also up almost six percent over the course of the twelve months compared with 2018.
Kangwon Land currently operates a number of game tables and slot machines for domestic and international customers under its gaming licenses, but is closed presently as a preventative measure to curb the spread of coronavirus.
The establishment is scheduled to re-open for business on 16th March 2020 and the firm is expecting the closure to have a negative impact on both revenue and profit.
Latest figures in South Korea are encouraging as they show the coronavirus crisis is stabilising and progress has been made in stopping the rate at which spreading was occurring.
Outside of China, it is reported that South Korea has experienced one of the worst outbreaks with almost eight-thousand confirmed cases, the majority of which have been in Daegu; the third-largest metropolitan area in the nation.
When Kangwon Land Casino reopens, it is unclear whether it will implement a phased re-opening, similar to that experienced at Macau gaming establishments or return to normal business operations. The casino itself covers a gross floor area of over twenty-seven thousand square metres and operates over 200 table games and 1300 slot machines.