Paradise Co appoints new CEO

South Korean casino operator, Paradise Co has appointed Choi Sung-wook as its new CEO

South Korean gambling casino operator, Paradise Co has ordained Choi Sung-wook as its young CEO. He will fall in the room having served to the highest degree latterly as CEO of the Paradise casino in Busan and replace Park Byung-ryong on an initial two year term.

The fellowship currently operates quartet foreigner-only casinos inwards the nation; Paradise City (pictured), Paradise Walkerhill, Busan Casino and Jeju Grand. The latter reported a loss of $100m inwards 2020, as international move bans inward shoes end-to-end most of the year proven detrimental.

Half of Korea’s 16 foreigner-only casinos are located on the island of Jeju, and betwixt them saw a 65% year-on-year revenue put down to KRW69.30bn ($61.5m).

Choi testament have got practically to fight with inward his young role, but tin can occupy a little amount of solace from the recent proclamation that Korean casino operators will not have got to make believe obligatory sales revenue enhancement payments for at least 12 months.

The reprieve will follow a welcome ane inwards the unforesightful term, but either the opening night of all venues to locals, or a discharge inward international journey restrictions testament be necessary for the marketplace to coming back to a profitable state.

South Korea’s casinos reported a twelvemonth on twelvemonth revenue driblet of 59% crossways 2020, with figures galling from KRW1.45tn to KEW598.3bn.

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