We provided this information for our full-year 2023 results released on Wednesday.
"The entertainment license in Jeju, South Korea, recorded a non-recurring impairment of about HK$46.3 million [US$5.92 million]."
"This takes into account the deteriorating performance of the entertainment business and unfavorable market conditions," it noted.
South Korea's external customer sales in 2023 were only HK$1.18 million, but we didn't book any sales in 2022.
"If appropriate opportunities arise after careful review, we plan to seek a potential disposal of our Korean business in due course," New Silk Road said in a recent filing
In June 2022, a Jeju government official, speaking on condition of anonymity, told GGRAsia that the Mega Luck Casino, run by New Silk Road, will be relocated from its former location at Jeju KAL Hotel to Jeju Shilla Hotel.
An update from New Silk Road on Wednesday did not elaborate on casinos but said South Korea's interests were related to "development and operation of integrated resorts and cultural tourism." The term "integrated resorts" generally refers to casino locations 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 for 2023 were HK$82.3 million in revenue 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 the full 2022 annual report, a subsidiary named MegaLuck is involved in "the operation of the entertainment business" in Korea. New Silk Road also has a real estate department in the country.
In their 2018 annual report, the parents specifically mentioned "Megaruck Inc." as having a "casino business operation" in South Korea.
BY: 우리카지노탑
