The new CEO of South Korean casino operator Kangwon Land was officially inaugurated into the role on Wednesday, pledging to transform the company into a “global public-oriented integrated resort,” balancing public interest and profitability.
According to reports, CEO Kim Do-gyun’s inauguration was held at the Grand Ballroom of the High1 Grand Hotel, the group’s integrated resort and Korea’s only casino where locals are allowed to gamble.
Approximately 300 executives and employees attended the event, with the CEO highlighting his goal to “turn crisis into opportunity and create a definitive turning point that will elevate the future of both Kangwon Land, Inc and the coal industry transition regions to the next level.”
Kangwon Land is a joint promotional project run by the national government and province of Gangwon-do for the region’s abandoned mine area district. Some 51% of Kangwon Land Corporation’s shares are held by the Mine Reclamation Corporation (under the Ministry of Trade, Industry and Energy), Gangwondo Development Corp and four regional autonomous governments.
Kim indicated that the goal is to execute the large-scale investment of the “K-HIT Project” – a KRW200 billion (US$136 million) investment into its hotel and casino facilities, aiming to transform the IR into a “specialized, year-round, stay-type entertainment resort.”
It had been some 30 months since the departure of former permanent CEO Lee Sam-Geol, who stepped down in December 2023. Lee was appointed for a three-year term starting in March 2021 but stepped aside early amid a series of scandals.
Last month, the group reported a 4.2% drop in revenue to KRW345.6 billion (US$243 million) for the quarter ending 30 June 2026, citing lower casino visitation and reduced hotel room revenue resulting from the IR’s renovation works.
At the time, the company noted that since March it had been renovating 757 rooms – comprising 477 in the Grand Hotel Main Tower and 280 rooms in the Mountain Condo. The hotel tower renovations are expected to be completed by 4Q27, while those of the condo should finish by 1Q28.
During the quarter, Kangwon Land reported a 59.8% increase in net profit to KRW100.3 billion (US$70.4 million) due to gains on financial assets.
RelatedPosts
