Hong Kong-listed Landing International Development Ltd., which operates the Jeju Shinhwa World integrated resort (IR) in South Korea, last week announced it would change its name to Shin Hwa World Ltd.
In a filing reported by Asia Gaming Brief, the firm said the change, which must be approved by shareholders, makes sense given the location of the IR on Jeju Island, South Korea’s largest island, a major tourist destination due to its holiday beaches and cultural attractions.
“Jeju Shinhwa World has been the group’s flagship integrated leisure and entertainment resort on Jeju Island, South Korea since its inception,” the company said. “As the group will remain focused on its core business in Jeju Shinhwa World, the board is of the opinion that the proposed new company name of ‘Shin Hwa World Ltd.’ will better reflect the current status of the group’s business development and its direction of future development.”
The new name will “provide the company with [a] more accurate corporate image and clearer identity,” the company stated, and will “benefit the group’s future business development, and is in the best interests of the group and the shareholders as a whole.”
The Jeju Shinhwa World complex includes four hotels with a total of more than 2,000 rooms, several theme parks, meeting and convention facilities and the Landing Casino. The resort was hard-hit by the Covid-19 pandemic, and reported losses of HK$2.12 billion (US$270 million) in 2020 and HK$1.06 billion (US$135 million) in 2021.
