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Xinhua World, a Hong Kong-listed casino developer, said it had "decided not to request further extensions" of the deadline to find suitable land for its casino resorts in the Philippines, a move required as a condition of temporary casino permits received in the Philippines.
"The Group has not yet identified an appropriate land lease to develop an integrated resort in the Philippines to meet the provisional licensing requirements within the prescribed period required by the Philippine Play and Gaming Company (Pagcor)," it said in a Friday filing, referring to the Philippine casino regulator
This casino group already runs a resort called Jeju Shinhwa World with a foreigner-only casino in Jeju, Korea.
"In light of the current market conditions and the possibility of meeting the requirements set by the temporary license, the Group has decided not to seek further extensions to provide Pagco with a due relief package on June 30, 2023," Xinhua World said in a recent filing
In July 2018, Shinhwa World Ltd., then known as Landing International Development Ltd., announced that its fully owned unit had received a temporary gaming license from Pagcor.
But in September of that year, the government of President Rodrigo Duterte said that a lease on the Manila land that the casino group had chosen for the project was being canceled. The casino group then began searching for new sites within the country.
Xinhua World said in its 2022 annual report submitted in March this year that it was still seeking and in talks with Pagcor.
"We do not rule out the possibility of participating in other projects in the Philippines, regardless of the size or nature to be carefully evaluated and determined in the future," Casino Group said in a filing on Friday. 동행복권파워볼
"The company will continue to explore new business development and investment opportunities to broaden the revenue flow to drive growth momentum," it added
Shinhwa World Inc. said, "We are focusing on the Jeju Shinhwa World business."