Shin Hwa World Ltd Decides Not To Pursue Developing A Casino Resort In The Philippines
- Shin Hwa World was looking to develop a casino resort in the Philippines
- Shin Hwa World had to lease a portion of land to obtain a casino license
- The operator has now confirmed that it has dropped plans for its casino resort in the Philippines
Shin Hwa World Ltd. was very keen on developing a land based casino resort in the Philippines. The operator which is based out of Hong Kong is best known for running its Jeju Shinhwa World casino resort in Jeju Island, South Korea.
Shin Hwa World Ltd which was formerly known as Landing International Development Ltd decided to expand its presence in the Philippines and confirmed in 2018 that it was granted a provisional casino license by the Philippine Amusement and Gaming Corporation (PAGCOR).
Shin Hwa World Drops Casino Plans In The Philippines
One of the main conditions of the provisional casino license was for Shin Hwa World to find a suitable location to develop its proposed casino resort in the Philippines. The Hong Kong based operator did not find a suitable location and had the option to request PAGCOR for a provisional casino license extension that would give them more time to find a suitable location.
Shin Hwa World had time till June 30 to find a suitable parcel of land for the proposed casino or request a license extension. However, Shin Hwa World confirmed that it would not be seeking a provisional casino license extension for now as they had decided to drop plans to develop a casino in the Philippines for now.
The gaming operator stated that based on current market conditions in the Philippines and the provisional license condition requirements, the group decided that it was in their best interests as of now to not pursue to develop a casino in the Philippines.
Shin Hwa World said that as of now they were going to concentrate on developing their Jeju Shinhwa World casino resort.
Tough Conditions In The Philippines Not Attractive
Shin Hwa World initially acquired a plot of land in the Philippines to develop its casino resort but then President Rodrigo Duterte decided to cancel the plot of land and forced the casino operator to look for a new location.
The Philippines is also considering a move to ban all Philippine Offshore Gaming Operators (POGO) as the country looks to make gambling regulations more stringent going forward.