Hong Kong-listed Shin Hwa World Ltd, promoter of Jeju Shinhwa World (pictured), a resort with foreigner-only casino on the South Korean holiday island of Jeju, narrowed its net loss for 2024 by 5.4 percent.
Such loss was just over HKD494.1 million (US$63.5 million) in full-year 2024, versus a loss of HKD522.4 million a year earlier, stated a filing on Friday.
Revenue for last year rose by 3.7 percent year-on-year, to just over HKD1.07 billion.
The firm said a reason for the improvement in its results was a “substantial increase” in revenue generated from the group’s gaming business.
Gaming revenue in 2024 rose 349.7 percent from the prior year, to nearly HKD210.3 million. The gaming operation recorded a segmental loss of HKD139.3 million, an improvement on the HKD258.4-million loss recorded in 2023.
Landing Casino (pictured) featured 150 gaming tables, and 210 slot machines and electronic table games, according to Friday’s announcement.
In 2024, non-gaming revenue was approximately HKD864.0 million, versus HKD989.5 million in the previous year.
In Friday’s filing, Shin Hwa World Ltd announced a bond subscription agreement – signed on March 25, outside the reporting period – for an aggregate principal amount of HKD50.0 million.
“The bond is subject to a fixed annual interest rate of 8.0 percent and has a maturity period of 12 months from the date of issuance, expected to be in April 2025,” stated the company.
The firm also said it received, on March 27, a letter of confirmation from a financial institution for a secured bank loan in the amount of KRW215.00 billion (US$146.3 million), which is to be used to refinance an existing bank loan.
From the new loan facility, KRW180.00 billion will be subject to a prevailing floating interest rate of 6.0 percent per year and KRW35.00 billion has a fixed interest rate of 8.2 percent per year.
“The loans have a maturity period of 36 months from the effective date which is expected to be in April 2025,” added Shin Hwa World Ltd.
