Shin Hwa Group announced that its provisional license for its integrated resort project in the Philippines has expired.
As a result, the company has decided to reallocate its resources and maintain its primary focus on its operations in Jeju Shinhwa World, South Korea.
Shin Hwa is the promoter of Jeju Shinhwa World, a complex with a foreigner-only casino in Jeju, South Korea. When it announced its IR plan in 2018 it was still known as Landing International.
Initially, the group had been planning the development of a $1.5 billion IR with a casino, luxury hotel, indoor waterpark, cultural theme park, movie theme park, and convention center.
However, then-President Rodrigo Duterte revoked the lease entirely, with COVID-19 halting plans for the company to find a new development site. Last year Shin Hwa announced it would give up on looking for a license extension.
In its 2023 report Shin Hwa states that it made significant strides in enhancing the facilities at Jeju Shinhwa World.
‘Notably, a new premium cinema featuring state-of-the-art surround sound systems and luxurious seating arrangements was introduced in August 2023, aimed at enhancing the overall customer experience,’ the company says.
Additionally, the group has conducted feasibility studies for a potential residential development in zone R of Jeju Shinhwa World. This move is expected to optimize land utilization and diversify the group’s income sources in the long term.
Shin Hwa added that it remains committed to evaluating its ‘financial position regularly’, and that it plans to explore fundraising opportunities and financing facilities as and when suitable opportunities arise to support its ongoing projects and future growth endeavours.
The company previously announced a series of capital reorganization measures, including plans to raise HK$263.7 million ($39.6 million) via a rights issue.
