South Korea's Shin Hwa Group announced today that the temporary license for its integrated resort project in the Philippines has expired. As a result, the company decided to reallocate resources and refocus its efforts on its Shin Hwa World business in Jeju, South Korea.

Shin Hwa is the promoter of Jeju Shin Hwa World, a complex located on Jeju Island in South Korea that houses a casino specifically for foreign tourists. When the IR plan was announced in 2018, its project name was still Landing International.

Initially, the group planned to develop a P25.81 billion integrated resort with a casino, luxury hotel, indoor water park, cultural theme park, movie theme park and convention center.

However, then-President Rodrigo Duterte canceled the lease as the COVID-19 pandemic halted the company’s plans to find new development sites. Last year, Xinhua announced it would give up seeking a license extension.

Shin Hwa said in its 2023 report that significant progress has been made in improving Jeju Shin Hwa World facilities.

"Notably, a new premium cinema has been launched in August 2023, equipped with a state-of-the-art surround sound system and luxurious seating arrangements designed to enhance the overall customer experience," the company said.

In addition, the group has also conducted a feasibility study on potential residential development projects in Jeju Shin Hwa World R Zone. In the long term, this move is expected to optimize land utilization and diversify the group's revenue sources.

Shin Hwa added that the company remains committed to regularly evaluating its financial position and plans to explore fundraising opportunities and financing facilities when suitable opportunities arise to support its ongoing projects and future growth efforts.

The company previously announced a series of recapitalization measures, including plans to raise 681.4 million pesos through a rights issue.