Shin Hwa World posts a decrease in net loss for 2024

The company recorded a 5.4 per cent drop in its loss.

South Korea.- Shin Hwa World Limited has shared its financial results for 2024. The company posted an annual loss of HK$494.14m (US$63.53m), down 5.4 per cent in year-on-year terms.

The decrease was mainly attributable to an increase in consolidated revenue, particularly from the gaming business segment, a decrease in amortisation and depreciation and a decrease in operating expenses. Group-wide revenue was HK$1.07bn (US$137.94m), an increase of 3.7 per cent year-on-year. Gaming revenue totalled HK$210.28m (US$27m), up 350 per cent year-on-year, while non-gaming revenue was at HK$863.96m (US$111m).

The company said: “During the year, the group made continued progress in the maintenance, renovation, and upgrading of facilities in Jeju Shinhwa World. Attributable to the efforts in marketing and business strategy, the group successfully recorded a significant increase in revenue for its gaming business segment for the year. In 2025, we will stay focused on our facilities upgrade. Additionally, we plan to host large gaming tournaments and provide entertainment and complimentary offerings for our casino VIP patrons. We believe that our diverse offerings, including a variety of cuisines, cultural activities, family-oriented amusements, entertainment options and accommodations, will enable the Group to remain attractive for the tourists and competitive in the market.

“Currently, the group closely monitors the property market and remains open for the opportunity in a further residential development in zone R of Jeju Shinhwa World. Furthermore, the group has attempted to explore other opportunities to better utilise the land in Jeju Shinhwa World, aiming to diversify its income stream in the long run.

“Continued interest rate, exchange rate and tariff uncertainties have weighed on global economic activities and GDP growth. These instabilities lead to significant challenges for businesses seeking growth and financing opportunities, making the forthcoming year particularly challenging for the group. Moreover, the persistently high interest rates have increased financing costs in the current business environment, making it difficult for the group to secure financing on favourable terms. As such, the group will remain cautious in its capital commitments and will act prudently in its future development and investment plans in order to maintain a healthy liquidity position. The group will regularly assess its funding needs and financial position and will explore fundraising and financing facilities if and when opportunities arise.”