Hong Kong-listed New Silk Road Culture and Teaching Ltd, previously reportedly involved in the foreign-only casino business in Jeju, South Korea, said it was considering “disposing its business in Korea” amid a “stagnation” of its interests in Hong Kong.
We provided this information to our full-year 2023 earnings released on Wednesday.
“Entertainment licences in Jeju, South Korea recorded non-recurring impairment of approximately HK$46.3 million [US$5.92 million].”
“It takes into account the deteriorating performance of the entertainment business and unfavorable market conditions,” it noted.
South Korea’s 2023 external customer revenue was only HK$1.18 million, but it did not book any sales in 2022.
New Silk Road said in a recent filing that it plans to “explore the potential disposal of its business in South Korea in due course if appropriate opportunities arise after careful consideration.”
In June 2022, a Jeju government official, speaking on condition of anonymity, told GGRAsia that the Megaluck Casino, run by the New Silk Road, will be relocated from the former location of the Jeju KAL Hotel to the Jeju Shilla Hotel.
An update from New Silk Road on Wednesday did not elaborate on casinos but said the country’s interests were related to “development and operation of integrated resorts and cultural tourism.” The term “integrated resorts” usually refers to casino venues with other tourist facilities.
New Silkroad is also involved in the development and operation of real estate in Australia, as well as the production and distribution of wine in mainland China.
Losses by shareholders in 2023 were HK$82.3 million with revenues of HK$469.18 million, up 27.0% year-over-year.
The 2023 loss narrowed New Silk Road’s 2022 loss to HK$112.5 million.
According to its full-year 2022 report, a subsidiary called Megaluck is involved in “running the entertainment business” in Korea. The New Silk Road also has a real estate department in the country.
In their 2018 annual report, the parents specifically referred to “Megaruck Inc.” as having “casino business operations” in South Korea.
BY: 카지노사이트 모음