Grand Korea Leisure (GKL), South Korea’s state-controlled, foreigner-only casino operator, has announced the appointment of Kim Young-san as its new CEO.
Kim, who will serve an initial term of three years, replaces Yoo Tae-Yeol, with Yoo having completed his own three-year term following his appointment in June 2018.
Under South Korea’s Act on the Management of Public Institutions, the heads of public corporations are appointed by the President on the recommendation of the Minister of Culture, Sports and Tourism.
According to information provided by GKL, the 58-year-old Kim is Vice Chairman of the Korea Casino, a former Director of Culture and Arts Policy Office and the Planning and Coordination Office for the Ministry of Culture, Sports and Tourism, and former Director of the Korean Cultural Center in Los Angeles, USA.
GKL operates two casinos in Seoul and one in Busan under its Seven Luck brand but continues to be ravaged by the COVID-19 pandemic which has severely limited business volumes.
The company reported last week a net loss attributable to shareholders of the parent of KRW18.06 billion (US$15.5 million) for the three months to 30 June 2021, having previously reported a KRW37.43 billion (US$32.2 million) for the March quarter.