Kangwon Land said it has appointed Lee Sam-Geol, a former vice minister in the Ministry of the Interior and Safety as its new CEO.
The posting is for a three-year term. Kangwon Land’s CEO is appointed by the president under the country’s laws governing the management of public institutions. The company operates the only casino in South Korea where locals are allowed to gamble.
In recent years, the company has been plagued by accusations of nepotism in its hiring policies. Former CEO Choi Hung-jib was sentenced to three-years in jail in 2019 for the practice.
The Kangwon Land Welfare Foundation announced that it provided KRW630 million (US$561,000) for the operation of social welfare facilities and group programs in Gangwon Province as part of the “Welfare Infrastructure Revitalization Project in 2021.”
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.