Shin Hwa World reported consolidated revenue of HK$966.90m for the year ended 31 December 2025, down 10% from the previous year, according to its annual results announcement filed on HKEX.
Non-gaming revenue totaled HK$851.70m, while gaming revenue declined sharply to HK$115.2m from HK$210.30m in 2024. Loss attributable to owners narrowed to HK$342.50m, compared with HK$494.10m a year earlier.
The company said the improvement was primarily due to lower amortization and depreciation, reduced operating expenses following the absence of certain non-recurring items, and a fair value gain on investment properties.
Net asset value rose to HK$6.44bn as of year end. The group’s current ratio improved to 2.27 following refinancing completed in April 2025, which reclassified the majority of bank borrowings as non-current liabilities maturing in 2028.
Jeju Shinhwa World remains the group’s core asset, generating HK$769m in segment revenue, up 1.9% year on year. The resort includes more than 2,000 hotel rooms across four brands, a convention center, retail mall, theme park, water park and foreigners-only casino. A new capybara-themed attraction, Momo Zoo, opened in 2025 to enhance family offerings. Segment loss for the integrated resort narrowed significantly to HK$68.70m from HK$215.60m in 2024.
Les A Casino recorded revenue of HK$115.20m, down 45.2% due to lower rolling win rates and reduced volumes. No impairment was recorded on casino intangible assets or equipment during the year. Property development revenue declined amid a cooling residential market in Jeju, although the segment posted a profit of HK$30.60m.
Looking ahead, the operator said it will continue investing in facility upgrades and event-based programming while maintaining prudence amid global geopolitical and economic uncertainties.
The group’s gearing ratio improved to 17.9%, down from 19.6% in 2024, reflecting lower total liabilities and refinancing efforts
