South Korea’s only casino open to locals, Kangwon Land, has announced the resignation of its CEO and the appointment of an acting CEO.
In a filing on Wednesday, the group indicated that Choi Cheol Kyoo has resigned and will be replaced by Nam Hun Gyu.
The executive currently serves as Vice President of the Management Support Department and ‘will serve as an acting CEO until the new CEO takes office’.
The filing with the Korea Exchange notes that the date of the change is March 5th.
Nam has been serving in his current role since June of 2024 and is an Executive Director on the board of Kangwon Land.
Prior to joining the gaming operator, Nam served as the Director of the Regulatory Reform and Legal Affairs Division of the Ministry of Trade, Industry and Energy.
His current term as Executive Director of the company runs until June 12th of this year.
The company did not give an indication of who the possible successor to the permanent CEO role could be in its Wednesday filing.
In late January, Kangwon Land indicated that it saw a 30.7 percent drop in net income for 2025, due to ‘a decrease in non-operating income’.
The group is currently undergoing a revamp of its resort and could be facing further financial pressure after a proposal to allocate about 10 percent of Kangwon Land’s yearly revenue to repay the Korea Coal Corporation’s KRW2.5 trillion ($1.66 billion) debt. The scheme would take 10 percent yearly from the operator’s revenue over roughly 20 years. Korea Coal Corporation holds a 36.27 percent stake in Kangwon Land.
Kangwon Land’s KRW3 trillion ($2.3 billion) integrated tourism master plan (High1) aims to reposition the resort as a tourism and wellness hub, attracting 13.2 million annual visitors and generating KRW3.6 trillion ($2.45 billion) in yearly revenue.
