Shin Hwa World has failed to secure suitable land for an integrated resort.<\/p>\n\n\n\n\n\n\n\n
South Korea.-\u00a0Shin Hwa World Limited<\/strong>, the former\u00a0Landing International Development<\/a>,\u00a0<\/strong>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 <\/strong>to fulfil the requirements of the licence within the prescribed time.<\/p>\n\n\n\n Consequently, Shin Hwa World has chosen to redirect its focus to its South Korean integrated resort Jeju Shinhwa World<\/strong>. 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.<\/p>\n\n\n\n Shin Hwa World had initially planned to develop a\u00a0US$1.5bn IR in Manila<\/strong>, 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 However, the project faced setbacks when the land lease deal with the Nayon Pilipino Foundation (NPF) was revoked by President Rodrigo Duterte, who cited concerns over its terms.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.\u00a0<\/p>\n\n\n\n The company<\/a>\u00a0has reported an annual loss of HK$216.9m (US$27.6m) for 2022. The casino firm\u2019s group-wide revenue increased by 2.7 per cent\u00a0year-on-year<\/a>\u00a0to nearly HK$1.39bn (US$175.8m).<\/p>\n\n\n\n The\u00a0gaming business<\/strong>\u00a0performed 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.<\/p>\n","protected":false},"excerpt":{"rendered":" Shin Hwa World has failed to secure suitable land for an integrated resort.<\/p>\n","protected":false},"author":176,"featured_media":20685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Shin Hwa World has opted not to renew its provisional casino license in the Philippines, citing an inability to secure suitable land for its planned US$1.5bn integrated resort. The company will now concentrate on its existing Jeju Shinhwa World in South Korea, while remaining open to future Philippine investment. This decision follows a reported HK$216.9m annual loss in 2022 and a significant decline in gaming net revenue.","focusai_entities":"Shin Hwa World Limited, Landing International Development, PAGCOR, Nayon Pilipino Foundation (NPF), Rodrigo Duterte","focusai_location":"South Korea, Philippines, Jeju, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.85), compliance_legal (0.75), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Philippines IR Outlook","query":"What are the long-term implications for the Philippines' integrated resort development pipeline given Shin Hwa World's withdrawal and the persistent land acquisition challenges?"},{"label":"Shin Hwa Capital Strategy","query":"How will Shin Hwa World reallocate the capital previously earmarked for the Manila IR, and what is the projected impact on Jeju Shinhwa World's expansion or other new investment opportunities?"}],"footnotes":""},"categories":[157,16333],"tags":[23632,24342],"class_list":["post-777007118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-integrated-resorts","tag-shin-hwa-world"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777007118"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007118\/revisions"}],"predecessor-version":[{"id":777007149,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007118\/revisions\/777007149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20685"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777007118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777007118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777007118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}