South Korean integrated resort operator Shin Hwa World has announced that it registered a decrease in its loss for 2024 of 5.4 percent compared to the previous year.
This is in line with a previous announcement from the group that it was expecting to reduce its loss for 2024 by not more than 10 percent.
During the year, the loss attributable to the owners of the company amounted to approximately HK$494.14 million ($63.53 million).
In the Hong Kong Stock Exchange filing on Friday, the group indicated that the decrease in net loss was mainly attributable to an increase in consolidated revenue particularly from the gaming business segment, a decrease in amortization and depreciation, and the decrease in operating expenses. This comes despite the adverse impact of a decrease in fair value of investment properties.
During the year, the group registered consolidated revenue of HK$1.07 billion ($137.94 million), an increase of approximately 3.7 percent yearly. Non-gaming revenue, despite slowing , grossly outweighed gaming revenue, at HK$863.96 million ($111 million). Gaming revenue during the period, accelerated drastically compared to 2023, totaling HK$210.28 million ($27 million) – a rise of 350 percent.
Shin Hwa World operates Jeju Shinhwa World, including the Landing Casino.
The company’s board does not recommend the payment of a final dividend for 2024.
