• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 30 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Financing delays holding back New Silkroad’s Jeju integrated resort dream

Newsdesk by Newsdesk
Thu 27 Aug 2020 at 06:06
New Silkroad sees Jeju revenues rise in 2018 as China-Korea tensions ease

KAL Hotel in Jeju

23
SHARES
389
VIEWS
Print Friendly, PDF & Email

Casino investor New Silkroad Culturaltainment Ltd says it has been unable to start development of an integrated resort project on the South Korean holiday island of Jeju due to ongoing delays in obtaining financing.

Known as Glorious Hill, the project was first touted in 2016 as “one of the largest integrated resort complexes in South Korea” with numerous five-star hotels, commercial and residential properties, healthcare facilities, a theme park and golf courses.

However, more than 12 months after gaining regulatory approval to start development, New Silkroad has yet to break ground on the project, citing “project financing delays” in its results announcement for the six months to 30 June 2020, published Wednesday. The company had stated the same problem in April.

New Silkroad certainly hasn’t been helped by COVID-19, which saw it fall to a loss of HK$43.5 million (US$5.6 million) in 1H20 – mainly due to travel restrictions and the temporary suspension of operations at its current casino, MegaLuck, at Jeju’s KAL Hotel. Revenue at MegaLuck plummeted 99.4% to HK$400,000 (US$51,600), with a gross loss of HK$5 million (US$645,000).

New Silkroad also operates a wine business, which saw revenue fall by only 4.4% to HK$49.2 million (US$6.3 million).

RelatedPosts

We’re Back!

South Korea’s new 15-day visa-free policy for Chinese visitors officially launches

Tue 30 Sep 2025 at 06:22
IEC issues profit warning on widened losses through December 2021

IEC falls to US$36 million loss in FY25 but 200% increase in gaming revenues suggests bright future for Manila IR project

Sat 27 Sep 2025 at 11:56
Days after satellite casino Grand Dragon ceases operations, Melco completes closure of first Mocha slot club Kuong Fat

Days after satellite casino Grand Dragon ceases operations, Melco completes closure of first Mocha slot club Kuong Fat

Thu 25 Sep 2025 at 16:24
Asia market roundup

INSPIRE targets Chinese market with launch of new WeChat Mini Program

Wed 24 Sep 2025 at 09:59
Load More
Tags: casinofinancial resultsGlorious Hill Projectintegrated resortMegaLuckNew Silkroad CulturaltainmentrevenueSouth Korea
Share13Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Promo costs: Market share or margin?

Promo costs: Market share or margin?

by David Bonnet
Tue 30 Sep 2025 at 18:11

Former Macau gaming executive David Bonnet takes a closer look at promo delivery across the Asian gaming industry and the...

IAG EXPO 2025: A show like no other

IAG EXPO 2025: A show like no other

by Ben Blaschke
Tue 30 Sep 2025 at 17:22

Inside Asian Gaming takes a look back at IAG EXPO, which continued the tradition of excellence established in recent years...

Jothy Sitharthan: Malaysian maestro

Jothy Sitharthan: Malaysian maestro

by Ben Blaschke
Tue 30 Sep 2025 at 16:08

Jothy Sitharthan, CEO of Macau-based gaming product distributor, consultancy and analytics firm Aramont, discusses his unique life path from a...

Australia’s casino probity framework

Australia’s casino probity framework

by Paul Newson
Tue 30 Sep 2025 at 15:45

Former NSW regulator Paul Newson questions whether Australia’s long-held approach to casino regulation is still relevant today. Australia’s casino probity...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Rising tide

Former Okada Manila chief Byron Yip joins Sands China as Executive Vice President – Strategy

by Ben Blaschke
Tue 30 Sep 2025 at 11:27

Byron Yip, the former President and COO of Philippines integrated resort Okada Manila, will join Macau concessionaire Sands China Ltd (SCL) as Executive Vice President – Strategy, Inside Asian Gaming has learned. In an internal memo seen by IAG, staff...

PAGCOR funds National Bureau of Investigation in fight against illegal gambling

PAGCOR funds National Bureau of Investigation in fight against illegal gambling

by Newsdesk
Tue 30 Sep 2025 at 06:32

Philippine gaming regulator PAGCOR said Monday it has committed Php50 million (US$860,000) to the National Bureau of Investigation (NBI) to help strengthen its operations against illegal gaming, including banned POGOs. In a statement, PAGCOR revealed that it signed a Memorandum...

We’re Back!

South Korea’s new 15-day visa-free policy for Chinese visitors officially launches

by Newsdesk
Tue 30 Sep 2025 at 06:22

South Korea officially launched on Monday its latest visa-free policy for Chinese tour groups in a further move aimed at boosting the country’s tourism sector. First announced in March, the policy is part of a pilot program that will run...

Almost 400,000 visitors enter Macau during three-day New Year’s holiday

Macau’s Public Security Police Force anticipating 1.2 million visitor arrivals during Golden Week holiday

by Pierce Chan
Mon 29 Sep 2025 at 23:24

Macau’s Public Security Police Force expects to see over 1.2 million visitors arrive during this year’s eight-day National Day Golden Week holiday. The National Day holiday will this year be combined with the Mid-Autumn Festival, resulting in a total of...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English