GGRAsia – S. Korea’s Paradise Co president appointed co-CEO

S. Korea’s Paradise Co president appointed co-CEO

Nov 27, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck

The president of South Korean casino operator Paradise Co Ltd, Park Pyung-yong, has been named a co-chief executive of the company according to a filing with the Korea Exchange.

He will work in that capacity with the existing CEO, Lee Hyuk-byung, said the document.

GGRAsia emailed the firm to seek clarification on the reason for the move. No response had been received by the time this story went online.

Paradise Co has been mentioned in South Korean media reports as seeking to build a so-called integrated resort at Incheon, near the country’s capital Seoul. According to the reports, the firm has linked with Japanese pachinko operator Sega Sammy Holdings Inc, breaking ground in November 2014 on a site referred to as Paradise City.

In August, South Korea’s Ministry of Culture, Sports and Tourism launched a “request for proposal” (RFP) process for up to two new casino resort licences in South Korea. To qualify, bidders must be willing to invest at least KRW1 trillion (US$866 million), including a minimum foreign investment equal to US$500 million.

The deadline for submissions under the RFP is today, November 27.

Paradise Co currently operates a network of five foreigners-only casinos located in three major cities in South Korea and on the country’s holiday island of Jeju.

On November 5, the firm reported third quarter net profit that was 46 percent down on the prior-year period.