South Korean integrated resort operator Shin Hwa World has informed shareholders and potential investors that it is expecting to see a decrease in its net loss for 1H24 of between 20 percent and 35 percent, compared to the same period in 2023.
According to a Thursday filing with the Hong Kong Stock Exchange, the operator notes that the decrease in loss is mainly attributable to an increase in revenue from its gaming business and property development segments.
It also attributes the better results to a decrease in finance costs and in amortization and depreciation.
However, the group notes that it is still ‘in the course of assessing the impairment loss on intangible assets, if any,’ but that this has been factored into its loss reduction estimates.
The group is expected to publish its interim results in late August.
Shin Hwa recently underwent a capital reorganization and launched a new rights issue worth some $258.6 million ($33.1million) – with the funds to be used to enhance its core business and support growth.
Shin Hwa World is the developer behind Jeju Shinhwa World, a complex featuring a foreigner-only casino located in Jeju, South Korea.
The group had previously been interested in operating an integrated resort project in the Philippines, but the provisional license for its integrated resort project expired early this year.
The group has noted that it was instead focusing its efforts on its operations at Jeju Shinhwa World.
