Jeju Shinhwa cuts losses, gets extension from PAGCO

Hong Kong-listed casino developer Shinhwa World, formerly known as Landing International Development Limited, reported a loss of HK$216.9 million ($27.6 million) to its entire shareholders in 2022. That compares with an annual loss of HK$1.06 billion in 2021, according to a filing on Thursday.

As a result, the group’s overall revenue grew 2.7% year-on-year to HK$1.39 billion.

The company did not recommend a final dividend payment for 2022. 슬롯머신

The company operates a resort called Jeju Shinhwa World (pictured) with foreigner-only casinos in Jeju, Korea. Previously, the company was linked to a Philippine resort complex development plan.

In a recent filing, Shinhwa World Inc. indicated it was still negotiating with Philippine gaming regulator Philippine Entertainment Games Corp (Pagcor) for a “mutually acceptable solution” regarding casino plans in its country. In 2018, the Philippine authorities declared the lease on the originally designated place invalid for such a plan.

“The group has yet to confirm another appropriate land lease to develop an integrated resort in the Philippines to meet the temporary licensing requirements,” the casino developer said. SAYS IT HAS RECENTLY BEEN APPROVED BY PAGCO FOR “EXTENSION TO MEET DOCUMENT REQUIREMENTS”

“The group will evaluate the feasibility of the relevant land lease and development when the opportunity arises,” it added.

Shinhwa World also said it will begin construction this year on the development of a new residential area for Jeju Shinhwa World, which is scheduled to be completed in 2024. The new residential development “can make better use of Jeju Shinhwa World’s land use and broaden the group’s income flow,” it said.

Casino company suspended construction of new hotel within Jeju Shinhwa World in 2021. “If the group decides to resume construction of a new hotel … The group will re-evaluate internal funding and funding needs before making significant future capital commitments,” it said.

The integrated resort business generated segment revenue of approximately HK$946.2 million for the entire 2022 period, up from HK$856.4 million a year earlier.

The group’s gaming business performance was “slow” during the reporting period. Travel restrictions related to COVID-19 have restricted international visitors to Jeju during some periods of 2022.

GAME OPERATIONS NET PROFIT FOR 2022 WAS HK$46.1 MILLION, DOWN FROM HK$88.6 MILLION YEAR AGO. Segment losses were nearly HK$174 million, an improvement from segment losses of HK$671.8 million in 2021.

At the end of last year, the company changed its name to “Shinhwa World Co., Ltd.” as the board decided that it would “better reflect the group’s business development status and future development directions.”

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