• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 18 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

Shin Hwa World narrows loss in 1H24 on improved performance of Jeju casino

Newsdesk by Newsdesk
Thu 29 Aug 2024 at 06:15

The casino at Jeju Shinhwa World

12
SHARES
290
VIEWS
Print Friendly, PDF & Email

South Korea’s Shin Hwa World reported a loss attributable to the owners of the parent of HK$231.5 million (US$29.7 million) for the six months to 30 June 2024, narrowed from a HK$394.3 million (US$50.5 million) loss a year earlier due to significant improvement in its gaming business.

The company also pointed to a decrease in amortisation and depreciation, as well as a decrease in finance costs.

Shin Hwa World is the parent company of Jeju Shinhwa World, an expansive integrated resort development located on Jeju Island. The property’s facilities include various hotels, a convention and exhibition centre, a retail mall, food and beverage outlets, a leisure and entertainment complex, a theme park, a water park, and one of the largest foreigners-only casinos in Jeju.

Group-wide revenue for the period grew by 25.5% year-on-year to HK$524.7 million (US$67.3 million), led by a 380% increase in net gaming revenues to HK$114.9 million (US$14.7 million). Landing Casino, boasting 150 gaming tables and 210 slot machines and electronic table games, benefited from “growing visitation and the increasing rolling volume and non-rolling volume compared with the corresponding period in 2023,” the company explained.

The gaming business still fell to a segment loss HK$55.8 million (US$7.2 million), albeit narrowed from HK$107.8 million (US$13.8 million) a year earlier.

Also showing improvement was the Property Development segment, related to the sales activities of resort condominiums and villas in part of Jeju Shinhwa World. Revenue generated from such sales reached more than HK$70 million (US$9.0 million) in 1H24 with segment profit of HK$30.9 million (US$4.0 million), up 92% year-on-year.

However, the Integrated Resort or non-gaming segment saw revenues fall slightly to HK$339.3 million (US$43.5 million), with segment loss of HK$115.4 million (US$14.8 million).

Looking ahead, Shin Hwa World says it continues to look for opportunities rto expand its customer base despite increasing local and regional competition.

“In recent years, the Group has faced the greatest challenges to sustain and grow its businesses,” it said. “Despite the pressure on room price and occupancy rate, the Group will strive to grow its market share under the keen competition from some newly built hotels in Jeju. It is believed that if and when the scheduled flights and routes to reach Jeju increase in number in the future, it would significantly boost the Group’s business performance.

“As the core business of the Group is an integrated resort development, where a wide range of amenities and amusements in Jeju Shinhwa World is the key to the success of the Group.

During the Period, the Group made continued progress in the maintenance, renovation, and upgrading of facilities in Jeju Shinhwa World. In order to turnaround the performance of the Group, we will continue to upgrade our facilities and enhance our service, and will also organize gaming tournaments and offer entertainment and compliments for casino VIP patrons in the years ahead.”

RelatedPosts

Jeju Shinhwa World rebrands Landing Casino as “LES A Casino”

Wed 10 Sep 2025 at 06:26
Win rates rising for Grand Korea Leisure but major decline in February visitation points to coronavirus impact

Grand Korea Leisure sees casino revenues fall by 10% in August to US$25 million

Thu 4 Sep 2025 at 04:59
Age of Creation

Korea’s Paradise Co back on track in August as casino revenues soar past US$57 million

Wed 3 Sep 2025 at 05:33
Jeju Dream Tower casino sales down 7.4% in March

Korea’s Jeju Dream Tower stretches run of consecutive volume and visitation growth to seven months as September hits record highs

Tue 2 Sep 2025 at 05:20
Load More
Tags: Jeju Shinhwa WorldLanding CasinoRevenue GamingShin Hwa World LimitedSouth Korea
Share5Share1
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

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

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

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lankan cabinet approves budget proposal to increase betting levy, double casino entry for locals

by Newsdesk
Thu 18 Sep 2025 at 02:27

The Sri Lankan cabinet has approved a proposal in the country’s 2025 budget that will see the betting levy increased and casino entry fee for locals doubled. According to a report by local business media outlet Economy Next, Cabinet Spokesman...

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

by Newsdesk
Thu 18 Sep 2025 at 02:08

CDC Gaming, the premier source of news, commentary and analysis for the gaming industry in the Americas and sister company to Inside Asian Gaming, has announced a revamped, reimagined and refreshed Day Zero Party ahead of this year’s Global Gaming...

Wynn says UAE development contribution to total around US$900 million as Thailand opportunity looms large

Cryptocurrency payments, smart table rollout across all games among technology innovations being planned at Wynn Al Marjan Island

by Ben Blaschke
Thu 18 Sep 2025 at 02:01

Wynn Al Marjan Island is looking to open with smart gaming tables installed across all or most of its gaming areas and payment options that include cryptocurrencies, the company has revealed. David Patent, Executive Vice President, Gaming Operations at Wynn’s...

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

by Newsdesk
Wed 17 Sep 2025 at 19:04

IAG sat down with Nilo Thaddeus Rodriguez – the President and CEO of Newport World Resorts – to discuss the property’s recent market share gains and what new features and attractions we can expect to see in the coming months.

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