Shin Hwa World halts search for land in PH for development

Hong Kong-listed casino operator Shin Hwa World Ltd., operator of Jeju Shinhwa World in Jeju, South Korea, has halted its search for suitable land in the Philippines for development. 

By ACN Newsdesk

Shin Hwa said in a filing last Friday that it has decided to not pursue a deadline extension from the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippines’s principal regulatory agency of gaming operators.

“The group has yet to identify a suitable lease of land to develop an integrated resort in the Philippines for satisfying the requirements of the provisional license within the prescribed period as required by PAGCOR,” the group said

“In light of the prevailing market conditions and the feasibility of fulfilling the requirements set out under the provisional license, the group has decided not to seek further extension for the provision of a remedy which became due on 30 June 2023 to PAGCOR,” Shin Hwa added.

Shin Hwa World gained a provisional gaming license from PAGCOR in 2018, during the administration of Former Philippine President Rodrigo Duterte. The casino and gaming operator was then known as Landing International Development Ltd.

The Duterte administration however, in that same year, said that the lease on a land in Metro Manila that Shin Hwa selected for development was being canceled. 

Last Friday, the operator stated that it’s not ruling out the ASEAN country for future projects.

The company explained that it “will continue to explore new business developments and investment opportunities to broaden its income stream in order to drive forward its growth momentum.”

Shin Hwa World Ltd added it remained “focused on its business in Jeju Shinhwa World”.