Shin Hwa World posts US$43.2m loss for H1
Gaming revenue was down 27.1 per cent year-on-year to HK$23.8m (US$3m).
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$338.9m (US$43.2m).
Group-wide revenue declined 39.5 per cent year-on-year to HK$418.1m (US$53.3m). Non-gaming revenue stood at approximately HK$394.3m (US$50.2m), down 40.2 per cent. Gaming revenue was down 27.1 per cent from HK$32.6m (US$4.2m) to HK$23.8m (US$3m).
In the six months to June 30, gaming segment losses were HK$107.8m (US$13.9m), compared to HK$49.2m last year. The company blamed an “increase in operating expenses resulting from inflation, particularly utility costs and spending on facility maintenances, as well as an increase in employee benefit expenses”.
The casino operator noted that “new facilities, such as a premium cinema” were launched this month. In July, the company announced it would not seek an extension for its provisional casino licence from the Philippines gaming regulator, PAGCOR. The company was unable to identify a suitable land lease to fulfil the requirements of the licence within the prescribed time.
Consequently, Shin Hwa World has chosen to redirect its focus to its South Korean integrated resort Jeju Shinhwa World. The company did not rule out the possibility of future projects in the Philippines.
