Choi Cheol-Gyu will serve as CEO following the resignation of Lee Sam-Geol.
South Korea.- Kangwon Land, the only casino in South Korea that allows locals to enter, has confirmed that its vice president Choi Cheol-Gyu will serve as CEO as of yesterday (December 5) following the resignation of Lee Sam-Geol. Choi was previously the secretary for national integration for the Presidential Secretariat.
Lee Sam-Geol stepped down last week. He was appointed in April 2021 for a three-year term to replace Moon Tae-Gon, who was promoted to 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.
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.