Kangwon Land CEO resigns

Lee Sam-Geol had come in for criticism.

South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has reported that Lee Sam-Geol has stepped down as chief executive officer. He was appointed in April 2021 for a three-year term to replace Moon Tae-Gon, who was promoted interim chairman.

South Korean news outlets have reported that political figures, community representatives, and some company personnel had been pushing for Lee’s resignation, claiming there had been a “lack of communication” and neglect of local small businesses.

Choi Cheol-Gyu, a former aide in the Office of the President of the Republic of Korea, is expected to be ratified as a vice president of Kangwon Land at an upcoming shareholder meeting on December 5.

In June, Kangwon Land received a D grade in the government’s annual public organisation performance evaluation, the lowest rating it has ever received. The report cited various such as lack of customer-attracting content, inefficient labour costs, workplace sexual harassment and bullying, and corruption related to staff recruitment. The company was fined KRW 3.23bn (US$2.5m) for 182 anti-money laundering violations in the same month.

The casino operator posted a net profit of KRW73.8bn (US$56.2m) for the third quarter of the year, down 1.3 per cent in year-on-year terms and 19.4 per cent when compared to the previous quarter.