Shin Hwa World posts US$29.7m loss for H1

The company reduced its loss for the first half of the year.

South Korea.- Shin Hwa World Limited, the former Landing International Development, has shared its financial results for the first half of the year. It reported a net loss of HK$231.5m (US$29.7m), down from a HK$394.3m (US$50.5m) loss a year earlier.

Group-wide revenue was up 25.5 per cent year-on-year to HK$524.7m (US$67.3m). Net gaming revenue grew 380 per cent to HK$114.9m (US$14.7m). Non-gaming revenue was HK$339.3m (US$43.5m), down 2 per cent, with a segment loss of HK$115.4m (US$14.8m). The property development segment, related to the sales activities of resort condominiums and villas in part of Jeju Shinhwa World saw a 92 per cent increase in profit to HK$30.9m (US$4m).

The company said: “During the period, resulting from the growing visitation and the increasing rolling volume and non-rolling volume compared with the corresponding period in 2023, the group recorded remarkable improvement in the gaming business segment.”

It added: “We will continue to upgrade our facilities and enhance our service, and will also organise gaming tournaments and offer entertainment and compliments for casino VIP patrons in the years ahead. “Currently, the group 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, thereby broadening the income stream of the group in the long run.”