The Hong Kong-listed operator of the Jeju Shin Hwa World resort (pictured) with foreigner-only casino on the South Korean island of Jeju, reported a narrowed loss for 2025. That was on revenue that fell 10.0 percent year-on-year, led by a 45.2 percent decline in gaming revenue.
Gaming accounted for only 11.9 percent of total annual revenue. In 2024, gaming was 19.6 percent of all revenue.
The full-year 2025 net loss attributable to owners of the parent at Shin Hwa World Ltd was HKD342.5 million (US$43.7 million). That was a 30.7 percent improvement on 2024’s HKD494.1-million loss.
The firm stated in a Monday evening filing to the Hong Kong bourse that the narrowing of annual consolidated loss was mainly due to “a decrease in amortisation and depreciation; a decrease in operating expenses due to the absence of certain non-recurring expenses; and an increase in fair value of investment properties”.
The board did not recommend the payment of a final dividend for the year ended December 31. No dividend was paid in the same period of 2024.
Full-year 2025 revenue was down 10.0 percent year-on-year, at HKD966.9 million. Gaming revenue fell 45.2 percent, to HKD115.2 million. Non-gaming revenue, amounting to HKD851.7 million, fell 1.4 percent year-on-year.
The casino at the property – previously known as Landing Casino – is presently branded Les A Casino. Per the annual results, it is described as “one of the largest foreigners-only casinos in South Korea,” with 179 gaming tables, 65 slot machines and electronic gaming devices, occupying approximately 5,500 square metres (59,202 sq. feet).
The statement said that in 2025, Les A Casino hosted poker tournaments and events including the Korea Poker Cup Series and the Jeju Poker Festival.
“The success of these tournaments attracted numerous visitors and enhanced the publicity of Les A Casino,” said Shin Hwa World.
But it added that the near-halving of overall gaming revenue was “attributable to a decrease in rolling win rate combined with lower rolling and non-rolling volumes”.
The segment loss from the gaming business was up 12.5 percent year-on-year, at approximately HKD156.7 million.
The figure under the heading “reversal of impairment/impairment of gaming receivables”, was negative by HKD3.7 million, versus a positive figure of HKD1.6 million in 2024
The group stated that for the full year, what it termed the “integrated resort” segment generated revenue of approximately HKD769.0 million, up 1.9 percent year-on-year.
That was “mainly derived from hotels, food and beverage services, MICE [meetings, incentives conferences and exhibitions] events, theme park attractions, water parks, merchandise sales and leases of retail spaces within the resort”.
Operating costs for 2025 excluding staffing costs, fell 16.3 percent year-on-year, to HKD436.3 million.
Income tax expenses for 2025 were HKD725,000, versus HKD56,000 in 2024. Per the submitted accounts, corporate income tax in South Korea for the relevant period was charged progressively from 10 percent to 21 percent. The company was also subject to Hong Kong profits tax of 8.25 percent on a subsidiary of the group.