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Petition addressed to: hteh
Hong Kong-listed casino developer Xinhua World reported a loss attributable to shareholders of HK$338.9 million ($43.2 million) in the first six months of 2023. That compares with a loss of HK$154.4 million in the previous year, according to Tuesday's filing.
As a result, the group's overall revenue fell 39.5% year over year, just shy of HK$418.1 million.
The company has not recommended payment of interim dividends.
Shinhwa World Co., Ltd. operates a resort called Jeju Shinhwa World (pictured) with a foreigner-only casino in Jeju, South Korea.
During the reporting period, the group's non-gaming revenue was approximately HK$394.3 million, down 40.2% from the previous year.
Game sales fell 27.1% year-on-year to HK$23.8 million. Segment losses from the gaming business were around HK$170.8 million in the six months to June 30, compared to nearly HK$49.2 million a year ago.
Xinhua World Co., Ltd. said the increase in consolidated net losses during the reporting period was mainly due to "severe competition after easing travel restrictions and pressure on room prices and occupancy rates due to domestic customers traveling abroad," leading to a "reduction in profits generated by the integrated resort development sector."
The company also said that among the factors affecting losses were "increased operating costs due to increased spending on inflation, especially utility costs and facility maintenance, and employee benefits."
Shinhwa World also said, "New facilities such as premium cinemas were launched in August 2023 to enrich the experience for customers."
"The group has invited bidders for the construction of a new residence in Jeju Shinhwa World," it said. "The development of the new residence is expected to make better use of land use in Jeju Shinhwa World and expand the group's revenue streams in the long run."
Previously, the company was involved in plans to develop a Philippine resort complex. In July, the company said it decided not to pursue a further extension of the deadline to find suitable land for a Philippine casino resort, a step required as a condition of a temporary casino license it received in the Philippines.
BY: 파친코
Reason
Hong Kong-listed casino developer Xinhua World reported a loss attributable to shareholders of HK$338.9 million ($43.2 million) in the first six months of 2023. That compares with a loss of HK$154.4 million in the previous year, according to Tuesday's filing.
As a result, the group's overall revenue fell 39.5% year over year, just shy of HK$418.1 million.
The company has not recommended payment of interim dividends.
Shinhwa World Co., Ltd. operates a resort called Jeju Shinhwa World (pictured) with a foreigner-only casino in Jeju, South Korea.
During the reporting period, the group's non-gaming revenue was approximately HK$394.3 million, down 40.2% from the previous year.
Game sales fell 27.1% year-on-year to HK$23.8 million. Segment losses from the gaming business were around HK$170.8 million in the six months to June 30, compared to nearly HK$49.2 million a year ago.
Xinhua World Co., Ltd. said the increase in consolidated net losses during the reporting period was mainly due to "severe competition after easing travel restrictions and pressure on room prices and occupancy rates due to domestic customers traveling abroad," leading to a "reduction in profits generated by the integrated resort development sector."
The company also said that among the factors affecting losses were "increased operating costs due to increased spending on inflation, especially utility costs and facility maintenance, and employee benefits."
Shinhwa World also said, "New facilities such as premium cinemas were launched in August 2023 to enrich the experience for customers."
"The group has invited bidders for the construction of a new residence in Jeju Shinhwa World," it said. "The development of the new residence is expected to make better use of land use in Jeju Shinhwa World and expand the group's revenue streams in the long run."
Previously, the company was involved in plans to develop a Philippine resort complex. In July, the company said it decided not to pursue a further extension of the deadline to find suitable land for a Philippine casino resort, a step required as a condition of a temporary casino license it received in the Philippines.
BY: 파친코
Petition details
Petition started:
01/14/2024
Collection ends:
04/14/2024
Region:
European Union
Topic:
Culture
