An executive who has worked as president and chief executive of Paradise SegaSammy Co Ltd, a venture that runs the Paradise City casino resort (pictured) at Incheon, South Korea, has been appointed as co-CEO of Paradise Co Ltd, an operator of foreigner-only casinos in South Korea.
Choi Jong Hwan’s selection as joint CEO of Paradise Co was mentioned in a Friday filing to the Korea Exchange. According to that, he will focus on management and finance for Paradise Co.
As per the Friday statement, his fellow joint CEO of Paradise Co – also surnamed Choi – Choi Seong Wuk, is handling what were termed overseas issues.
Paradise SegaSammy is a venture shared between Paradise Co and Japan’s Sega Sammy Holdings Inc.
It is not the first time that Paradise Co has operated via use of co-CEOs.
In other news filed on Friday, Paradise Co said its shareholders’ meeting on Friday approved its planned delisting from the country’s KOSDAQ stock index and relocation to the main bourse, KOSPI.
Earlier this month a Paradise Co spokesperson had told GGRAsia the move was to “maximise shareholder value by expanding the investor base, including institutional and foreign investors”.
The firm’s stockholder meeting also approved a KRW100 (US$0.075) final dividend for 2023 as recommended on February 15, representing a dividend ratio of 0.7 percent based on the stock’s market price.
The company directly runs three casino venues: Walkerhill in the South Korean capital, Seoul; Paradise Jeju on Jeju island; and a property in the port city of Busan. It has a joint venture with Japan’s Sega Sammy Holdings Inc for the Paradise City resort at Incheon, outside Seoul.
