Paradise Co. announces new joint leadership, to have 2 co-existing CEOs

The top foreign-only casino operator in South Korea, Paradise Co., has appointed two co-CEOs as part of a ground-breaking shared leadership strategy.

The resolution reached at the company’s recent general shareholders’ meeting said that Choi Sunguk, the company’s CEO for the previous three years, would lead the external cooperation division. In the meanwhile, the management and finance divisions will be under the direction of recently promoted Choi Jong-hwan.

Choi Jong-hwan, who oversaw operations at the Paradise City integrated resort in Incheon for more than ten years as CEO of Paradise Sega Sammy, brings a wealth of experience to his new role. He has also served as CEO of Paradise Hotel Busan and Paradise Global.

Paradise highlighted Choi Jong-hwan’s several roles inside the company, such as his tenures as group general manager and CFO, highlighting his vital skills for steering the business’s strategic vision and ensuring long-term success.

Despite unfavorable market conditions, Paradise claimed that Choi Jong-hwan’s leadership was essential to the successful opening of Paradise City and the decrease of borrowings by more than KRW 200 billion (US$149 million) in 2023. Increasing corporate value, diversifying the business portfolio, and optimizing the group’s financial structure are among Choi Jong-hwan’s new duties.

Choi Sunguk emphasized the company’s objective to expand its operations and boost casino competitiveness while reiterating his commitment to resolving business challenges in an increasingly unpredictable market environment.

In reference to Paradise’s plan to move its shares from KOSDAQ to KOSPI, he said that he would be carrying out certain actions aimed at increasing value for shareholders. He emphasized managing with the interests of the shareholders in mind and being committed to generating steady profitability.

Original story by: IAG