Yoo Tae-Yeol has been appointed as the new chief executive of South Korean casino operator Grand Korea Leisure Ltd. The announcement was made by the company in a Wednesday filing to the Korea Exchange.
Mr Yoo’s official appointment was effective immediately, the filing stated.
GKL is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s 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.
The casino operator saw its first-quarter net income fall by 1 percent year-on-year to approximately KRW17.35 billion (US$15.5 million).
Brokerage JP Morgan Securities (Asia Pacific) Ltd said in a May note that GKL’s first quarter gaming metrics had been “lacklustre”, as “VIP remained a drag … with weaknesses across all nationalities” in terms of the customer base.
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”We submit that the appropriate action the New South Wales Independent Casino Commission should take is to allow The Star Entertainment Group to continue to operate the licence, under strict supervision”
The Star Entertainment
Australian casino operator