{"id":777011615,"date":"2023-12-04T08:54:21","date_gmt":"2023-12-04T11:54:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777011615"},"modified":"2026-04-22T15:01:10","modified_gmt":"2026-04-22T18:01:10","slug":"kangwon-land-ceo-resigns","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-ceo-resigns","title":{"rendered":"Kangwon Land CEO resigns"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Lee Sam-Geol had come in for criticism.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">South Korea.-\u00a0<strong>Kangwon Land<\/strong>, the only casino in South Korea that allows locals to enter, has reported that <strong>Lee Sam-Geol<\/strong> has stepped down as chief executive officer. He was <a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-appoints-lee-sam-geol-as-new-ceo\" target=\"_blank\" rel=\"noreferrer noopener\">appointed in April 2021<\/a>\u00a0for a three-year term to replace Moon Tae-Gon, who was promoted interim chairman.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">South Korean news outlets have reported that political figures, community representatives, and some company personnel had been pushing for Lee&#8217;s resignation, claiming there had been a &#8220;lack of communication&#8221; and neglect of local small businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Choi Cheol-Gyu<\/strong>, 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In June, Kangwon Land received a D grade in the government&#8217;s annual public organisation performance evaluation, the lowest rating it has ever received.\u00a0The 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> 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\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-net-profit-up-138-in-q2\" target=\"_blank\" rel=\"noreferrer noopener\">when compared to the previous quarter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lee Sam-Geol had come in for criticism.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Kangwon Land's CEO, Lee Sam-Geol, has resigned amidst criticism regarding communication, local business neglect, and poor organizational performance. This follows a D grade in a government evaluation citing operational inefficiencies, compliance failures including 182 AML violations, and a decline in Q3 net profit. Choi Cheol-Gyu is slated to become Vice President.","focusai_entities":"Lee Sam-Geol, Kangwon Land, Moon Tae-Gon, Choi Cheol-Gyu, Office of the President of the Republic of Korea","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Governance Impact","query":"What specific governance framework deficiencies at Kangwon Land led to the D-grade performance evaluation and the reported AML violations, and how will the new leadership address these systemic issues?"},{"label":"Operational Turnaround","query":"Beyond the CEO transition, what concrete operational and content strategy adjustments are anticipated at Kangwon Land to reverse the decline in customer attraction and improve financial performance, particularly given its unique local-access licensing?"}],"footnotes":""},"categories":[157,16338],"tags":[16471,23907],"class_list":["post-777011615","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-kangwon-land","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777011615"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011615\/revisions"}],"predecessor-version":[{"id":777011638,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011615\/revisions\/777011638"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}