GGRAsia – Jeju casino developer warns of wider loss in 2016

Jeju casino developer warns of wider loss in 2016

Jan 11, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Landing International Development Ltd, a mainland China real estate developer that is pursuing a foreigner-only casino resort project on Jeju Island, South Korea, has warned it expects its annual net loss to widen in the 2016 reporting period.

The Hong Kong-listed firm’s 2015 net loss was approximately HKD987.97 million (US$127.4 million).

In a Tuesday filing outlining the profit warning, it said the anticipated 2016 net loss was mainly due to: “change in fair value of financial assets at fair value through profit or loss; increase in administrative expenses, mainly staff-related cost and marketing expenses, incurred in the construction and pre-opening stages of the integrated resort development and property development; and increase in other operating and administrative expenses due to expansion of the group”.

Landing International said in a January 3 filing it now has 100-percent control of the foreigner-only casino project on Jeju, referred to as “Jeju Shinhwa World”.

Genting Singapore Plc, operator of the Resorts World Sentosa gaming resort in Singapore, told the Singapore Exchange in a November 11 filing that the total consideration it would receive for relinquishing its interest in the Jeju scheme was US$420 million in cash.

In 2016, Landing International acquired Les Ambassadeurs Club and Casino (pictured), an upmarket gaming venue in London in the United Kingdom.