CLAIMS TO FAME
- Former Governor of North Gyeongsang Province
- Former 2nd Vice Minister of the Ministry of Public Administration and Security
Kangwon Land has delivered one of the toughest years for any Asian land-based casino management team, with only Australian casinos ranking worse in terms of compliance nightmares and public censure.
But unlike Australia, where CEOs are picking up the pieces left by their disgraced predecessors, Kangwon Land CEO Lee Sam-geol must take responsibility for a series of compliance breaches over the last two years. Approaching his fourth year in the job, Lee’s star fell further last month when the government’s financial watchdog was disclosed to have fined the casino KRW3.23 billion (US$2.38 million) over 182 money laundering breaches. All but one involved due diligence failures, and some of those failures involved data manipulation or destruction.
The fine was reduced in view of cooperation of Kangwon Land management, but the state-owned company also all-but-flunked its annual review, thanks in part to accusations of sexual harassment, workplace bullying, graft and wasteful spending.
After a profitable 2022, Kangwon Land has begun to suffer tighter revenue metrics, with some observers claiming that, among other problems, online gambling is claiming customers who no longer want to travel to the remote property for a gambling experience.
Lee Sam-Geol is now under pressure on compliance, marketing and profitability fronts while serving at the pleasure of government, a scenario that does not bode well for the year to come.
For the full list of 2023 Asian Gaming Power 50 winners, click here.
