New CEO for Korea’s Paradise Co

South Korean foreigner-only casino operator Paradise Co has a new CEO after the Board of Directors appointed Choi Sung-wook to the role.

Choi, who has been appointed to an initial two-year term, replaces Park Byung-ryong who steps down after four years.

He will have his work cut out for him given the ongoing impact of COVID-19 on Korea’s foreigner-only casinos. Paradise, which operates four casinos in South Korea – Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand – recently reported a loss of almost US$100 million in 2020.

Integrated resort Paradise City, located in Incheon, is a joint venture between Paradise and Japan’s Sega Sammy Holdings.

Choi is a long-time employee of Paradise Co, having joined the company in 2006. He was General Manager of Paradise Walkerhill in Seoul until 2015, then Vice President of Paradise Casino Busan. In 2019, he was promoted to CEO of Paradise in Busan.

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