CASINO

Jeju Shinhwa sees record profits in Q1 2018

TAGs: Jeju Shinhwa World, South Korea

The Jeju Shinhwa casino, located at Jeju Shinhwa World in South Korea, opened towards the end of February. While it only had a little over a month to go until the end of the quarter, its earnings report showed some impressive numbers. Since opening on February 25, the company’s gross gaming revenue (GGR) was about $82.8 million.

Jeju Shinhwa sees record profits in Q1 2018VIP gambling delivered around $2 billion to the casino’s rolling chip turnover. Total non-gaming revenue reached $40.7 million. Jeju began offering some non-gaming elements in April 2017, including the project’s Somerset Jeju Shinhwa World, a 344-unit condominium complex.

Casino operator Landing International said that this first phase shows the casino’s potential, but that the company is working on methods to increase sales and marketing efforts. Some of these methods include “cooperation agreements with various travel agencies and online travel agencies in various key markets including mainland China, the Hong Kong, Macau and Taiwan regions, Japan and Southeast Asia to leverage on their respective network to promote and market the resort to their customers,” according to the casino operator’s filing.

In addition to the gaming options, the resort also offers around 1,400 hotel guest rooms, split between Jeju Shinhwa World Landing Resort, Jeju Shinhwa World Marriott Resort and Somerset Jeju Shinhwa World. There is also a convention center, a Korean pop music (K-pop) zone, “YG Republique,” a theme park and a shopping center.

This summer, developers anticipate the opening of a water park and an outdoor entertainment zone. In addition, 538 self-branded hotel rooms will be available. By 2020, the group anticipates launching a Four Seasons Resort and Spa that will have around 200 guest rooms, as well as an additional them park called Lionsgate Movie World.

The casino opened February 25 after a delay of two and a half months. It was initially scheduled to open on December 8, but this was postponed due to regulatory delays. Landing International had to move some gaming rights from a different casino it operates on Jeju Island to offer gaming activities at the new resort. There are 59,200 square feet of gaming space at the new casino with Jeju Shinhwa World designed to be the highlight of gambling activity on Jeju Island.

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