Gangwon Land succeeded in turning into a surplus for the first time in three years last year,
and in the first half of this year, it has almost doubled its
operating profit compared to the same period last year, showing a clear recovery.

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Nevertheless, local governments and residents in abandoned mine areas are
calling for the lifting of regulations restricting Gangwon Land and local 
as they have not fully recovered to their performance levels before the
COVID-19 incident and the speed of improvement is slower than
expected. In addition, he urged a strong crackdown on illegal online
According to Kangwon Land on the 5th, Kangwon Land posted sales of 689.2
billion won and operating profit of 151.7 billion won in the first half of this
year, up 28.0% and 88.4%, respectively, compared to the same period last year.

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However, compared to 74.7 billion won in sales and 297.9 billion won in operating profit in the first half of 2019,
just before the COVID pandemic, sales are 7% short and operating profit is only half.
According to the industry, the outlook for recovery in the second
half of the year is also unclear. The securities industry predicts that
Kangwon Land's third-quarter sales and operating profit will fall about
2% and 13% year-on-year to 388 billion won and 103 billion won, respectively.

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This is in contrast to Grand Korea Leisure (GKL), Lotte Tourism Development, and Paradise,
which operate exclusively for foreigners. Casinos exclusively for foreigners are
expected to increase sales and operating profit in the second half of the year thanks to
China's permission for group tours abroad.
Kangwon Land, the only in Korea that allows both domestic and foreigners to enter,
is hardly enjoying the effects of this tourism recovery.


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