GGRAsia – Jeju Shinhwa casino GGR US$83mln in stub first quarter

Jeju Shinhwa casino GGR US$83mln in stub first quarter

Apr 26, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

Jeju Shinhwa World’s casino, which opened at the South Korean resort on February 25, managed to generate gross gaming revenue (GGR) of HKD650 million (US$82.8 million) in its first – stub – quarter of operation.

The venue’s rolling chip turnover from VIP gambling business totalled HKD16.2 billion between February 25 and March 31, said the property’s promoter, Landing International Development Ltd, on Wednesday in voluntary and unaudited selected highlights of its first-quarter business.

The group said that total non-gaming revenue from Jeju Shinhwa World, described as its “flagship integrated leisure and entertainment resort” on Jeju island, South Korea, was approximately HKD320 million for the reporting period.

Some non-gaming elements of the resort opened in stages, beginning in April 2017 with a serviced apartment complex called Somerset Jeju Shinhwa World.

Landing International said in its Wednesday filing that following the opening of the first phase of Jeju Shinhwa World, the group had “taken steps to ramp up its sales and marketing efforts”.

It added this included “cooperation agreements with various travel agencies and online travel agencies in various key markets including mainland China, the Hong Kong, Macau and Taiwan regions, Japan and Southeast Asia to leverage on their respective network to promote and market the resort to their customers”.

The group said that as of the announcement date, it employed approximately 1,950 employees.

The other presently-operating facilities at Jeju Shinhwa World – currently providing approximately 1,400 guest rooms according to Wednesday’s filing – include: the luxury hotels Jeju Shinhwa World Landing Resort, Jeju Shinhwa World Marriott Resort and Somerset Jeju Shinhwa World; Landing Convention Centre; a K-pop themed zone called “YG Republique”; Shinhwa Theme Park, which opened at the end of September; and a shopping area branded as “Shinhwa Shoppes”.

An outdoor entertainment zone called “Shinhwa Water Park” is due to open at the resort in the summer, along with 538 self-branded hotel rooms under the moniker Jeju Shinhwa World Shinhwa Resort. By the year 2020, the group aims to open a Four Seasons Resort and Spa, with about 200 guest rooms, and a theme park called Lionsgate Movie World.