Korean casino developer Shin Hwa World has tabled plans to build a casino resort in the Philippines.
According to GGRAsia, the Hong Kong-listed firm “decided not to seek further extension” of a deadline to find land for the development. In a filing, the group stated it “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 the Philippine Amusement and Gaming Corp (PAGCOR).
“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.”
The group currently runs Jeju Shinhwa World, a foreigners-only resort with casino in Jeju, South Korea.
Shin Hwa World, formerly known as Landing International Development, received the provisional license in July 2018. In September of that year, the administration of former Philippine President Rodrigo Duterte said the lease on land in Manila the casino group had selected was being canceled. In its 2022 annual report, posted in March, Shin Hwa World said it was still looking.
In its July 7 filing, the group said it “does not rule out the possibility of participating in any other project(s) in the Philippines in whatsoever scale or nature, to be carefully assessed and determined in future.”
It added,“The company will continue to explore new business developments and investment opportunities to broaden its income stream in order to drive forward its growth momentum.” Meanwhile it remains “focused on its business in Jeju Shinhwa World.”
