Ac t i o n | 13 Jul 2026 10:30:14 ET │ 14 pages Kangwon Land (035250.KS) 2Q26 Preview: Expect 2Q26E EBIT to Decline 13% YoY CITI'S TAKE Assuming a similar negative impact on local Korean gaming budgets from the global soccer tournament as on Macau, we believe KWL's 2Q26E GGR could fall -3% YoY. On a separate note, we are more optimistic about the revenue drag from the hotel and condo renovations than management guidance of 20–30%, given the ~60–70% blended occupancy rate of KWL's hotel portfolio in FY25 and ...