South Korean integrated resort operator Shin Hwa World is expecting to record a yearly decrease in loss for 2025 of 20-35 percent.
The group in FY24 registered a loss of approximately HK$494.14 million ($65.53 million), a yearly contraction of 5.4 percent. That means that the group could potentially lower its 2025 loss by up to HK$172.95 million ($22.12 million).
The group attributes the expected reduction in loss to a decline in operating expenses and a decrease in amortization and depreciation as well as an increase in fair value of investment properties.
Shin Hwa World operates Jeju Shinhwa World, including the recently-rebranded LES A Casino.
In August of last year, the group noted that its 1H25 loss was lower than expected, totaling HK$244.39 million ($31.35 million). Revenue for the six-month period totaled HK$410.37 million ($52.65 million), down by 21.8 percent yearly, as gaming revenue fell from HK$114.87 million ($14.74 million) in 1H24 to just HK$61.95 million ($7.95 million). The group attributed the downturn to ‘the decrease in rolling and non-rolling volume’.
Looking ahead, the group aims to ‘transform Jeju Shinhwa World into a multi-purpose, all day destination that extends far beyond hospitality and gaming’.
Events are set to include ‘large-scale poker tournaments, golf clinics, live concerts, seasonal festivals, and themed cultural events’ to encourage repeat visitation, also helping boost synergy with non-gaming spend.
