Kangwon Land Inc has announced the appointment of former 2nd Vice Minister of the Ministry of Public Administration and Security, Lee Sam-geol, as its new CEO.
Lee was voted into the leadership role at Kangwon Land’s regular shareholders’ meeting on Tuesday, replacing Moon Tae-Gon, who was promoted to the position of interim Chairman last year.
Under Korean law, Kangwon Land’s CEO is appointed by the President upon recommendation of the Minister of Strategy and Finance.
Lee, who is also a former Governor of North Gyeongsang Province, will serve a term of three years. North Gyeongsang Province is directly south of Gangwon Province, the location of Kangwon Land. The two provinces share a border.
Located 150 kilometers from Seoul, Kangwon Land was born out of Korea’s conversion to gas and oil for energy, leading to the closure of mines in Gangwon province in 1989. Legislation in 1995 encouraged redevelopment of abandoned mining areas, prompting local, provincial and national authorities to found Kangwon Land Inc, which is 51% government owned and overseen by the national Ministry of Knowledge Economy.
Recently granted a 20-year license extension by the Trade, Industry, Energy, SMEs and Startups Committee of the National Assembly, Kangwon Land boasts the only one of South Korea’s 17 casinos at which locals are allowed to gamble. Highlighting the importance of locals play to the commercial viability of casinos, over the years the gross gaming revenue of Kangwon Land has traditionally represented around 50% of Korea’s entire gross gaming revenue, with the remaining 16 foreigner-only casinos representing the other 50%.
