South Korean integrated resort operator Shin Hwa World saw a lower-than-expected loss for the first half of the year, rising just 5.55 percent compared to 1H24.
According to a recent filing, the company saw its loss rise to HK$244.39 million ($31.35 million) in 1H25. However, this is significantly below the 12 percent loss increase it announced it was expecting earlier in August.
The group attributes the loss to ‘the overall economic headwinds’, resulting in the cancellation of numerous flights which disrupted travel to Jeju – where its main operation (Jeju Shinhwa) is based. The group also noted that there was a decline in revenue from both its integrated resort and gaming business segments, ‘due to the pressure on room prices and dampened customer spending’.
Revenue for 1H25 amounted to HK$410.37 million ($52.65 million), down by 21.8 percent yearly.
Gaming revenue took a particular blow, falling from HK$114.87 million ($14.74 million) in 1H24 to just HK$61.95 million ($7.95 million) in the first six months of this year. This was noted as due to ‘the decrease in rolling and non-rolling volume’, despite the success of the Korea Poker Series 2025.
Meanwhile, the group’s integrated resort development segment generated revenue of HK$300.01 million ($38.49 million), down by 11.58 percent yearly. The group attributed this to less tourist numbers in Jeju, pressure on room prices, and the depreciation of the Korean Won.
Both the integrated resort development and gaming segments delivered overall losses, amounting to approximately HK$129.98 million ($16.67 million) and HK$59.64 million ($7.65 million), respectively.
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.
