Shin Hwa World to lose provisional casino licence in Philippines
Shin Hwa World has failed to secure suitable land for an integrated resort.
South Korea.- Shin Hwa World Limited, the former Landing International Development, has decided not to seek an extension for its provisional casino licence from the Philippines gaming regulator, PAGCOR. The company has been 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 emphasised its commitment to exploring new business developments and investment opportunities and did not rule out the possibility of in future projects in the Philippines.
Shin Hwa World had initially planned to develop a US$1.5bn IR in Manila, featuring a casino, luxury hotel, indoor waterpark, cultural theme park, movie theme park and convention centre. However, the project faced setbacks when the land lease deal with the Nayon Pilipino Foundation (NPF) was revoked by President Rodrigo Duterte, who cited concerns over its terms. The impact of the Covid-19 pandemic hindered Shin Hwa World’s search for an alternative site.
The company has reported an annual loss of HK$216.9m (US$27.6m) for 2022. The casino firm’s group-wide revenue increased by 2.7 per cent year-on-year to nearly HK$1.39bn (US$175.8m).
The gaming business performed poorly due to Covid-19-related travel restrictions and competition from other casinos, resulting in a decrease in net revenue from HK$88.6m in 2021 to HK$46.12m (US$5.88m). The gaming business segment recorded a loss of approximately HK$173.96m.
