Grand Korea Leisure Ltd (GKL), a South Korean operator of foreigner-only casinos, has appointed Kim Young-San as its new chief executive. The appointment was confirmed after an extraordinary shareholders’ meeting on Friday, said the firm in a filing on the same day to the Korea Exchange.
Mr Kim replaces on the post Yoo Tae-Yeol.
Mr Kim was currently vice chairman of the Korea Casino Association, according to information made available by GKL. He took on that post in January 2019.
He is also a former director of the Culture and Arts Policy Office and of the Planning and Coordination Office, two entities under the Ministry of Culture, Sports and Tourism of South Korea.
GKL said in its filing that Mr Kim was appointed on recommendation of the Minister of Culture, Sports and Tourism.
The term of office shall be three years, stated the firm. The filing did not say when would Mr Kim take office.
GKL is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to the Ministry of Culture, Sports and Tourism. The casino-operating entity runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul, and one in the southern port city of Busan.
GKL reported earlier this month a second-quarter net loss of KRW18.06 billion (US$15.5 million), compared with a loss of nearly KRW23.56 billion in the prior-year period. The company had reported a net loss of about KRW37.43 billion in the first quarter of 2021.
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