Paradise Co, a South Korean casino and resort operator, has approved a series of governance changes at its 55th annual general meeting and moved to a co-CEO structure.
The meeting, held on March 27 in Seoul, passed all proposed agenda items, including financial statements and the appointment of Directors and audit committee members.
The central change was an amendment to the operator’s articles of incorporation. Paradise introduced eight revisions, including renaming outside Directors as independent Directors, strengthening the 3% voting cap for appointing and dismissing audit committee members, expanding the separate election of audit committee members, allowing electronic shareholder meetings and reflecting a prohibition on excluding cumulative voting.
According to the operator, the changes are intended to strengthen minority shareholder rights and reinforce audit committee independence in line with revisions to South Korea’s Commercial Act.
Paradise also changed its dividend framework. It moved to a system under which the dividend record date is set after the dividend amount is confirmed, a step aimed at improving predictability for investors. The operator also converted part of its capital reserves into retained earnings to create a source for tax-free dividends.
At the same meeting, Paradise appointed COO Lim Jun-shin and CRO/CFO Lee Chan-yeol as new Directors. It also elected Chungnam National University Professor Kang Sun-ah as an independent Director and audit committee member.
At a board meeting immediately after the AGM, Lim was appointed co-representative Director, creating a dual leadership structure with existing CEO Choi Jong-hwan.
Paradise reported continued earnings growth in 2025. Paradise Co CEO Choi Jong-hwan said: "Despite external uncertainties, revenue and operating profit increased 7.3% and 14.5%, respectively. We achieved record earnings for the second consecutive year."
The operator posted consolidated revenue of KRW 1.15tn ($849m) and operating profit of KRW 155.8bn last year.
Earlier this month, Paradise reported that February casino revenue rose 24% year-on-year to KRW 89.5bn, while revenue for the first two months of 2026 increased 26% to KRW 181.2bn, according to a filing covered by GGI.
The update showed continued momentum across its foreigner-only casino portfolio despite softer month-on-month performance in February.
Paradise said the article changes also allow electronic shareholder meetings, adding a digital option to future governance procedures
