Casino investor Landing International Development Ltd is considering moving its foreigner-only Landing Casino venue at Jeju Island, South Korea, to its under-construction integrated resort also at the holiday hotspot, the firm announced on Wednesday.
Revenue at Landing Casino – a facility currently at Hyatt Regency Jeju Hotel (pictured) – fell 24.8 percent year-on-year, to approximately HKD174.5 million (US$22.3 million) in the six months to June 30, compared to approximately HKD232.1 million in the same period of 2016.
The mainland China real estate developer firm said in its interim results – filed in Hong Kong on Wednesday – that the casino might go instead to Jeju Shinhwa World. The latter complex had its initial-phase “grand opening” in April, with the launch of a 344-unit serviced resort condominium called Somerset Jeju Shinhwa World.
“It is recognised that [a] casino is one of the most essential facilities within an integrated resort to complement better offerings to its visitors with a complete hospitality experience; and in order to leverage and utilise current casino operation resources within the group’s business as a whole, the group is exploring the possibility of relocating Landing Casino to Jeju Shinhwa World,” said the firm.
Jeju is a holiday island that has been popular with mainland Chinese tourists. Landing International had said in a March 2016 filing discussing the new project: “The group believes nowadays tourists are no longer satisfied with simple and traditional gaming services. Instead, they are progressively turning towards pursuing an experience that combines shopping, dining, gaming and business that can only be provided by a world-class integrated entertainment resort.”
The Wednesday filing did not give an update on the current budget for Jeju Shinhwa World but the company noted: “As at the date of this announcement, most of the construction for phase one has been completed or is close to be completed. Completion of Jeju Shinhwa World will take place progressively from the fourth quarter of 2017 onwards, and the entire project is expected to be completed by 2019.”
Landing International had announced earlier this month an agreement with Lions Gate Entertainment Inc – a unit of a major Hollywood media group that trades as Lionsgate – to develop a theme park at Jeju Shinhwa World. Theme park construction is likely to start in 2018 and that facility is scheduled to open in 2019.
“Under the current development plan, Jeju Shinhwa World will house a family theme park offering more than 20 rides and attractions in seven different zones under the themes of myths and legends from different parts of the world, a water park and one of South Korea’s most exciting retail and food complexes,” said Wednesday’s interim results filing.
The document added Jeju Shinhwa World would have more than 2,000 hotel rooms, and meeting and conference facilities.
During the reporting period, some resort condominiums at Jeju Shinhwa World had been sold and delivered to purchasers. The firm said that as of June 30, such category of property – to the value of HKD1.16 billion – was classified as “completed properties for sale”.
Landing International’s Les Ambassadeurs Club – a casino in London, U.K., acquired in April 2016 – generated first-half 2017 revenue of approximately HKD427.9 million.
The firm said total gaming business segment profit for the latest reporting period was approximately HKD45.27 million, compared to HKD82.08 million in the first half 2016.
Landing International also announced on Wednesday it had made approximately HKD48.6 million in profit in the first half to June 30, compared to a nearly HKD526.5 million loss in the prior-year period.
For the six months to June 30, the group’s consolidated revenue from continuing operations was approximately HKD846.3 million, up by 160 percent from a year earlier.
The group had flagged in an August 24 filing to the Hong Kong Stock Exchange that the turnaround of the group’s performance was mainly attributable to: an increase in segment profit from property development thanks to revenue booked from real estate sales; a gain linked to adjustment in fair value of financial assets; a gain linked to adjustment in fair value regarding investment properties; and a reversal of impairment for other receivables.
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”We do not believe that reopening the advance notice nomination deadline [for board directors] is appropriate or justified”
Daniel Boone Wayson
Chairman of the Wynn Resorts board of directors