{"id":777008804,"date":"2023-08-30T06:29:21","date_gmt":"2023-08-30T09:29:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777008804"},"modified":"2026-04-22T18:34:25","modified_gmt":"2026-04-22T21:34:25","slug":"shin-hwa-world-posts-us43-2m-loss-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/shin-hwa-world-posts-us43-2m-loss-for-h1","title":{"rendered":"Shin Hwa World posts US$43.2m loss for H1"},"content":{"rendered":"\n

Gaming revenue was down 27.1 per cent year-on-year to HK$23.8m (US$3m).<\/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 shared its financial results for the first half of the year. It reported a net loss of HK$338.9m (US$43.2m).\u00a0<\/p>\n\n\n\n

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).<\/p>\n\n\n\n

In the six months to June 30, gaming segment losses were HK$107.8m (US$13.9m), compared to HK$49.2m last year.\u00a0The company blamed an \u201cincrease in operating expenses resulting from inflation, particularly utility costs and spending on facility maintenances, as well as an increase in employee benefit expenses\u201d.<\/p>\n\n\n\n

The casino operator noted that \u201cnew facilities, such as a premium cinema” were launched this month. In July, the company announced it would not seek an extension<\/a>\u00a0for its provisional casino licence from the Philippines gaming regulator, PAGCOR. The company was\u00a0unable to identify a suitable land lease\u00a0<\/strong>to fulfil the requirements of the licence within the prescribed time.<\/p>\n\n\n\n

Consequently, Shin Hwa World has chosen to\u00a0redirect its focus to its South Korean integrated resort Jeju Shinhwa World<\/strong>. The company did not rule out the possibility of future projects in the Philippines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming revenue was down 27.1 per cent year-on-year to HK$23.8m (US$3m).<\/p>\n","protected":false},"author":176,"featured_media":22179,"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 Limited reported a net loss of HK$338.9m for H1, with group-wide revenue declining 39.5% and gaming revenue down 27.1% year-on-year, primarily due to increased operating expenses. Concurrently, the company announced it would not extend its provisional casino license in the Philippines, citing an inability to secure a suitable land lease, and will redirect its strategic focus to its integrated resort in South Korea.","focusai_entities":"Shin Hwa World Limited, Landing International Development, PAGCOR","focusai_location":"South Korea, Philippines, Jeju","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Philippines Market Impact","query":"What are the projected long-term implications for the Philippines' integrated resort development pipeline and foreign direct investment attractiveness, given Shin Hwa World's inability to secure a suitable land lease and subsequent market exit?"},{"label":"Jeju IR Profitability","query":"With the reported increase in operating expenses and gaming segment losses, what specific operational efficiencies and revenue diversification strategies will Shin Hwa World implement to improve the GGR and NGR contribution from Jeju Shinhwa World?"}],"footnotes":""},"categories":[16338,163],"tags":[24342],"class_list":["post-777008804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-shin-hwa-world"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008804","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=777008804"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008804\/revisions"}],"predecessor-version":[{"id":777008819,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777008804\/revisions\/777008819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/22179"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777008804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777008804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777008804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}