Korea’s Jeju Shinhwa World said Friday that its growing MICE (Meetings, Incentives, Conferences and Exhibitions) sector recorded its most successful year to date in 2022, with sales up by 250% year-on-year.
This exceeded the original sales target by 30% and represented its best performance since opening in March 2018.
With South Korea having lifted most remaining COVID-19 restrictions in June, the resumption of regular business activities saw Jeju Shinhwa World achieve 97% hotel room occupancy in the months since.
The company said large-scale conferences with more than 1,000 participants were held back-to-back through June, September and October covering fields such as IT, engineering, and medicine.
Operated by Landing International Development, which recently announced plans to change its corporate name to Shin Hwa World Limited, Jeju Shinhwa World’s facilities include Jeju’s largest multi-purpose banquet hall, four 5-star hotels, 40 food and beverage outlets, premium shopping facilities, theme and water parks, and a foreigner-only casino.
However, the resort has struggled throughout the COVID-19 pandemic, with Landing reporting losses of HK$2.12 billion (US$272 million) in 2020 and HK$1.06 billion (US$136 million) in 2021.
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