35 Moon Taegon
PRESIDENT AND CEO
Kangwon Land
POWER SCORE: 787
POSITION LAST YEAR: —
CLAIMS TO FAME
Runs Korea’s largest casino, the only one admitting Korean nationals
Faces a government mandate to limit casino revenue
Moon Taegon is a year into his three year term as Kangwon Land’s CEO with a unique mandate: reduce gaming revenue. Built in a depleted mining area 150 kilometers (93 miles) from Seoul, the government owned Kangwon Land complex includes hotels, conventions facilities, ski slopes used in the Pyeongchang Olympics plus South Korea’s only casino that doesn’t require a foreign passport for entry. Gaming revenue – KRW341.7 billion (US$306 million) for the most recently reported quarter – typically exceeds that of Korea’s 16 foreigner-only casinos combined.
The authorities believe that’s too much action for Kangwon, which averages nearly 8,000 casino entries daily. Moon comes from the government’s Bureau of Audit, originator of measures to curtail Kangwon Land’s revenue, including cutting casino operations by two hours to 10am to 4am, shutting tables for 15 minutes every two hours and opening barely half of the casino’s 200 gaming tables. Impacts are marginal so far. Long term, JPMorgan Regional Gaming Analyst DS Kim sees Kangwon’s gaming revenue increases limited to Korea’s GDP growth rate.
Moon also must repair Kangwon Land’s reputation. His two immediate predecessors face corruption allegations. Choi Heung-jip, CEO from 2011 to 2014, was arrested over hiring irregularities. Ham Seung-hee, who left in 2017, reportedly used company credit cards for KRW70 million of personal expenses.
For the full list of 2018 Asian Gaming Power 50 winners, click here.
