Jeju casino operator Shin Hwa World sees gaming revenue halve
Shin Hwa World Ltd posted a sharp decline in casino revenue for the year ended 31 December 2025, even as the Jeju-based integrated resort operator reduced its overall net loss, according to a filing submitted to the Hong Kong Exchange.
Gaming revenue at the company’s Les A Casino fell to HKD 115.2 million ($14.8 million) from HKD 210.3 million ($27.0 million) the prior year, a drop of 45.2 percent. The segment recorded a loss of HKD 156.7 million ($20.1 million), widening year on year despite cost reductions elsewhere in the business.
Total revenue declined roughly ten percent to HKD 966.9 million ($124.2 million), while the group’s net loss narrowed to HKD 342.5 million ($44.0 million), an improvement on the prior year position.
Gaming pulls back as resort holds steady
The difference between the two main segments creates the FY2025 landscape. The overall Integrated Resorts segment, encompassing hotels, entertainment, and food and beverage operations at Jeju Shinhwa World, reported revenue of HKD 769 million ($98.8 million), an increase of 1.9 percent over the prior year. The casino segment reported significantly less revenue than it did in the prior year, and the overall mix was weighted even more heavily to non-gaming revenue.
The filing attributed the gaming decline to a lower rolling win rate alongside reduced volumes across both rolling and non-rolling categories. The company pointed to structural softness across premium and general gaming tiers as the primary driver.
The foreigner-only licensing framework governing casino operations in South Korea means Les A Casino is restricted to non-Korean nationals. That constraint, standard across Jeju’s integrated resort properties, limits the addressable domestic market and ties gaming performance closely to inbound international visitor flows.
Cost discipline narrows headline loss
Lower depreciation and amortisation charges, reduced operating expenses and fair value gains on investment properties each contributed to narrowing the net loss figure. The filing was clear, however, that the gaming segment’s losses had increased despite those broader savings, underscoring how deeply casino underperformance weighed on results overall.
Non-gaming operations absorbed some of that pressure. The integrated resort segment’s modest revenue growth demonstrated that the wider property retained visitor demand through the year, even as table revenues contracted sharply. Hotels, entertainment venues and dining contributed the bulk of group revenue, a reversal of the revenue profile more typical of casino-anchored integrated resorts.
Dividend withheld as losses continue
No dividend was declared for FY2025, maintaining the same position as FY2024. The group remains loss-making, with the gaming segment absorbing a disproportionate share of total losses relative to its revenue contribution. For investors monitoring the HKEX-listed company, the results confirm that the path to profitability runs primarily through non-gaming recovery and casino stabilisation rather than near-term revenue expansion.
Shin Hwa World‘s filing provides an insight into the challenges the company faced in managing its casino operations over the course of the last challenging year. The non-gaming segment was able to maintain its performance, thus limiting the damage to the group’s financials. The gaming operations, however, continued to face challenges as win rates and player count reduced, thus increasing the loss in the segment while the company was able to control its costs.
The filing did not indicate whether the company is looking to give guidance, restructure, or change its operations. Les A Casino continues to be operational as part of the foreigner-only casino market in South Korea, and Jeju Shinhwa World continues to be operational with all its facilities.
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