CHIEF EXECUTIVE OFFICER
Kangwon Land
POWER SCORE: 700
POSITION LAST YEAR: Nil
CLAIMS TO FAME
- Former Governor of North Gyeongsang Province
- Former 2nd Vice Minister of the Ministry of Public Administration and Security
THE ASCENSION OF MOON TAEGON to Interim Chairman of Kangwon Land last year left a void in the executive team that Lee Sam-geol’s appointment is expected to fill. Lee is a former 2nd Vice Minister of the Ministry of Public Administration and Security and since March this year is Kangwon Land’s new CEO.
But don’t look for any revolving doors here. Kangwon Land, holding a monopoly over casino gaming for South Korean locals, is 51% government owned and overseen by the national Ministry of Knowledge Economy.
Lee also finds himself in an enviable position, even if Kangwon Land has felt the pain of the COVID-19 pandemic just as much as any of the nation’s 17 foreigner-only casinos.
In August, JP Morgan analysts predicted a 20% quarterly sequential improvement in mass and slot revenues in 3Q21, with lengthy queues upon the property’s reopening suggesting there is “overwhelming demand” from players to return post-COVID-19. Expect those queues to keep growing as Korea emerges further from the pandemic.
Kangwon Land has also been granted a 20-year extension to its license, albeit with a small tax hike. Given the rapid return of players, don’t expect the new tax system to have any significant impact on revenues.
For the full list of 2021 Asian Gaming Power 50 winners, click here.
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