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Jeju Shin Hwa World Ltd, the Hong Kong Exchange-listed operator of the Jeju Shin Hwa World resort and its casino targeting foreigners on South Korea’s popular resort island of Jeju, reported a smaller net loss for 2025. It recorded a net loss of HKD342.5 million (US$43.7 million). The figure is a 30.7% decrease from the HKD494.1 million net loss in 2024.
The company disclosed in a Monday evening filing to the Hong Kong Exchange that the decrease in net loss resulted from a decrease in amortization and depreciation expense, a decrease in operating expenses due to the absence of some non-recurring expenses in the prior year, and a gain in the fair value of investment properties. The decrease in net loss also resulted from a 10.0% decrease in total revenue to HKD966.9 million for 2025.
Gaming Revenue Shrinks to 12% of Total
Gaming revenue was the hardest hit, with gaming revenue declining 45.2% year-over-year to HKD115.2 million, accounting for 11.9% of the company’s total revenue, compared with 19.6% in 2024. The company said the near-halving of gaming turnover was due to a lower rolling win rate along with reduced rolling and non-rolling volumes.
Non-gaming revenue provided some stability, slipping only 1.4% year-on-year to HKD851.7 million. The casino at the property, now branded Les A Casino and previously known as Landing Casino, is described as one of South Korea’s largest foreigner-only casinos. It features 179 gaming tables, 65 slot machines, and electronic gaming devices across about 5,500 square metres.
Poker Events Boost Casino Profile
Les A Casino hosted poker tournaments and events during 2025, including the Korea Poker Cup Series and the Jeju Poker Festival. The company said those events drew crowds and helped raise the venue’s profile among potential visitors.
Despite the promotional push, the gaming segment still recorded a loss of about HKD156.7 million, up 12.5% year-on-year. Under the heading of reversal of impairment or impairment of gaming receivables, the figure was a negative HKD3.7 million, compared with a positive HKD1.6 million in 2024.
Non-Gaming Segments Show Modest Growth
Its integrated resort segment recorded revenue of approximately HKD769.0 million for the full year, which is 1.9% higher than the revenue recorded in 2024. This is attributable to revenue generated by hotels, food and beverage services, MICE business, theme park attractions, water park operations, the sale of merchandise, and the rental of retail space within the resort.
Operating expenses excluding staffing expenses decreased by 16.3% to HKD436.3 million. This helped to mitigate the negative effect on the bottom line. No recommendation for the payment of a final dividend for the year ended December 31, 2025, was made by the board. No dividend payment was recorded for the same period in 2024.
Cost Controls Offset Gaming Weakness
The decrease in loss is because the company is focusing on non-gaming revenue and is managing its expenses well. As the revenue generated by the gaming segment is less than 12%, the resort is focusing on its non-gaming segment.
Poker tournaments like the Korea Poker Cup Series and Jeju Poker Festival gave Les A Casino some visibility, but lower win rates and volumes still dragged the segment deeper into the red. As the operator continues to balance its foreigner-only casino against the wider resort, the 30.7% loss reduction shows that non-gaming stability and cost cuts can help weather gaming headwinds.
Source: GGR Asia
