• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Asian casino investor Landing flags 2018 net loss

Feb 08, 2019 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck  


Asian casino investor Landing flags 2018 net loss

Casino investor Landing International Development Ltd expects to record a net loss for full-year 2018, although it says its accounts for the period are still being finalised.

In August Hong Kong-listed Landing International reported first-half 2018 profit had leapt to HKD280.6 million (US$35.8 million) compared to nearly HKD48.6 million profit in the first half of 2017. Such increase was helped by the ramping up of its new foreigner-only casino resort Jeju Shinhwa World (pictured) on South Korea’s Jeju Island.

The group said in a profit warning issued on Monday that the expected net loss was attributable to factors including: the “absence of approximately HKD657 million profit” from discontinued operations relating to a lighting business in mainland China and of gaming business in the United Kingdom.

In September 2017 Landing International had announced a deal to sell its Les Ambassadeurs Club and Casino, an upmarket gaming venue in London in the United Kingdom.

Other factors in the expected full-year 2018 net loss were: the absence of approximately HKD209 million net amount of “reversal of impairment of trade and other receivables” that had boosted 2017’s numbers; equity investments that were reclassified from fair value through profit or loss to fair value through other comprehensive income, in line with new Hong Kong Financial Reporting Standards effective from 1 January 2018; and an increase in operating expenditures, amortisation and depreciation charges due to progressive opening of various facilities in Jeju Shinhwa World.

In late August the firm had said it had lost contact with its chairman, mainland Chinese businessman Yang Zhihui. Only in a filing in late November did Landing International confirm the entrepreneur was back at work, saying he had been “assisting a relevant department of the People’s Republic of China with an investigation during the period of his absence”.

In its latest profit warning, the prolonged absence of Mr Yang during the financial year was not listed as a factor in its straitened fortunes.

Landing International is pursuing a casino resort project in Manila, in the Philippines, but the authorities there have said that the land lease contract for the project would be “cancelled”, casting doubts over the project.


  • tweet
Related articles
  • Jeju Dream Tower may host 1,000 foreign VIP players in Aug
    Jeju Dream Tower may host 1,000 foreign...

    Aug 11, 2022  

  • Landing Int flags 1H rev up 45pct, loss down at least 65pct
    Landing Int flags 1H rev up 45pct, loss...

    Aug 11, 2022  

More news
  • Casino backers in top 10 of Forbes’ Philippines Richest
    Casino backers in top 10 of Forbes’...

    Aug 11, 2022  

  • ‘Black Bull’ by Pragmatic Play starts its digital slot run
    ‘Black Bull’ by Pragmatic Play...

    Aug 11, 2022  


Latest News

Casino backers in top 10 of Forbes’ Philippines Richest

Casino backers in top 10 of Forbes’ Philippines Richest

Aug 11, 2022  

Two sets of entrepreneurs with casino investments are among the top three on the list of the wealthiest people in the Philippines, as compiled by Forbes. Another casino-related name makes the top 10....
Read More
‘Black Bull’ by Pragmatic Play starts its digital slot run

‘Black Bull’ by Pragmatic Play starts its digital slot...

Aug 11, 2022  

Jeju Dream Tower may host 1,000 foreign VIP players in Aug

Jeju Dream Tower may host 1,000 foreign VIP players in Aug

Aug 11, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Diversifying the market [in Macau], both in terms of the geographic origin of visitors and their motivations to visit, is not a process that happens overnight”

Craig Billings

Chief executive of casino operator Wynn Macau Ltd



Most Popular

  • Macau Legend exits Fisherman’s Wharf casino biz, SJM staysMacau Legend exits Fisherman’s Wharf casino biz, SJM stays August 10, 2022
  • More biz from foreigners hard for Macau casinos say expertsMore biz from foreigners hard for Macau casinos say experts August 8, 2022
  • Wynn Macau Ltd posts US$271mln net loss in 2QWynn Macau Ltd posts US$271mln net loss in 2Q August 10, 2022
  • SJM Resorts capital to be raised to US$600mln for retenderSJM Resorts capital to be raised to US$600mln for retender August 10, 2022
  • Casino backers in top 10 of Forbes’ Philippines RichestCasino backers in top 10 of Forbes’ Philippines Richest August 11, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us