South Korea: Shin Hwa World narrows H1 loss to HK$68.3m as revenue rises

Shin Hwa World, the Hong Kong-listed operator behind Jeju Shinhwa World, has reported its unaudited H1 2026 results. The company recorded a 17.8% increase in revenue to HK$483.5m. 

Gaming revenue reached HK$71m for the period, up 14.6%, driven by higher non-rolling volumes. Still, the gaming segment posted a HK$66.4m loss in H1 2026, compared with a HK$59.6m loss in H1 2025.

Regarding the non-gaming segment, Shin Hwa World reported a 20.9% increase in revenue to HK$362.6m, mainly driven by hotels, food and beverage services and MICE events.

Net loss attributable to the company’s owners narrowed by 72.1% year-over-year to approximately HK$68.3m.  The company said the improved bottom line was supported by stronger revenue from its integrated resort business and a tax recovery related to taxes paid in previous years.

 Shin Hwa World's core asset is Jeju Shinhwa World, an integrated resort on South Korea's Jeju Island that includes the foreigners-only Les A Casino. The property's gaming operations are consequently exposed to international tourism trends and visitor spending.

Jeju recorded 2.24 million foreign tourists during 2025, an increase of 17.7% from the previous year. Chinese travellers accounted for 70.2% of the international total. Foreign arrivals continued to increase during the first five months of 2026, rising 21.5% year-on-year to almost one million visitors.

The broader South Korean foreigners-only casino sector has also benefited from the recovery in inbound tourism. Paradise and Grand Korea Leisure both recorded year-on-year increases in casino sales during June, although each reported sequential declines from May.