The consolidated net loss more than doubled year-on-year.<\/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 2023. The company posted an annual loss of HK$522.4m (US$66.8m), more than double the HK$216.9m loss in the previous year<\/a>.<\/p>\n\n\n\n Group-wide revenue was down from HK$1.39bn (US$175.8m) to HK$1.04bn. As such, the company has not recommend the payment of a final dividend for 2023.\u00a0<\/p>\n\n\n\n Gaming revenue was up 1.4 per cent year-on-year, to HK$46.8m (US$6m). However, segment loss from the gaming business was approximately HK$258.4m. The company reported that its gaming business showed signs of recovery in 2023, with an increase in both rolling and non-rolling volume compared to the previous year. However, a decline in the winning percentage negatively impacted revenue.\u00a0<\/p>\n\n\n\n Shin Hwa World incurred an impairment of HK$12.9m on relevant intangible assets, up from HK$8.7m in 2022.\u00a0The group’s non-gaming revenue was HK$989.5m, down 26.2 per cent when compared to the previous year. The firm attributed this to intense competition and domestic customers travelling abroad after the lifting of travel restrictions, which resulted in lower room prices and occupancy rates for its hotels.<\/p>\n\n\n\n Shin Hwa World has recently\u00a0raised HK$28.74m (US$3.67m)<\/a>\u00a0through a share subscription agreement. It\u00a0issued 845.25 million subscription shares<\/a>\u00a0at HK$0.034 per share.\u00a0The proceeds will be used to upgrade, repair and maintain the building, equipment and facilities at\u00a0Jeju Shinhwa World<\/strong>\u00a0(approximately HK$14m), to pay off interest expenses (HK$10m), for sales and marketing (HK$4.5m) and general working capital.<\/p>\n","protected":false},"excerpt":{"rendered":" The consolidated net loss more than doubled year-on-year.<\/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 consolidated net loss of HK$522.4m in 2023, more than doubling its previous year's loss, despite a slight increase in gaming revenue. Group-wide revenue declined to HK$1.04bn, primarily due to intense competition and reduced non-gaming performance at Jeju Shinhwa World. The company recently raised HK$28.74m via a share subscription to fund facility upgrades, interest payments, and working capital.","focusai_entities":"Shin Hwa World Limited, Landing International Development, Jeju Shinhwa World","focusai_location":"South Korea, Jeju","focusai_target_profile":"ceo_executive (0.95), operator_casino (0.9), marketing_crm (0.75), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Allocation Strategy","query":"Given the significant net loss, how will the HK$28.74m capital raise specifically impact Shin Hwa World's operational efficiency and market share recovery in the highly competitive South Korean integrated resort market?"},{"label":"Gaming Vertical Performance","query":"What specific strategies are being implemented to mitigate the negative impact of the declining winning percentage on gaming revenue, and what is the projected timeline for achieving NGR growth in this segment?"}],"footnotes":""},"categories":[16338,163],"tags":[24342],"class_list":["post-777014324","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\/777014324","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=777014324"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014324\/revisions"}],"predecessor-version":[{"id":777014344,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014324\/revisions\/777014344"}],"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=777014324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777014324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777014324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}