Jeju ShinHwa World Ltd, the Hong Kong-listed operator of one of South Korea’s premier foreigner-only resorts, has reported a narrowed net loss of HKD 342.5 million (US$43.7 million) for 2025.
This represents a substantial 30.7% improvement over the previous year’s loss, achieved despite a significant downturn in its gaming operations.
The Shrinking Role of Gaming
Gaming revenue at the property, which houses the Les A Casino (formerly Landing Casino), plummeted by 45.2% year-over-year to HKD 115.2 million. Gaming now accounts for just 11.9% of the company’s total revenue, down from nearly 20% in 2024. The operator attributed the decline to a lower rolling win rate and reduced turnover volumes across both rolling and non-rolling segments.
Non-Gaming Stability and Cost Control
The integrated resort’s non-gaming sectors—including hotels, theme parks, and retail space—provided much-needed stability, generating HKD 769 million.
- Operating Expenses: Slashed by 16.3% (excluding staffing).
- Profile Boost: Events like the Korea Poker Cup Series and Jeju Poker Festival helped maintain foot traffic.
The board of Jeju ShinHwa World has declined to recommend a final dividend, as the company remains focused on weathering the gaming headwinds. While the poker tournaments provided visibility, the facility, which spans 5,500 square meters with 179 tables, remains in the red.
The 30% reduction in net loss suggests that Shin Hwa World’s strategy of shifting focus to diverse leisure entertainment is beginning to offset the volatility of its foreigner-only casino model.
