Casino op Landing flags 160pct increase in annual loss
Casino investor Landing International Development Ltd says it expects to record an increase in its net loss for full-year 2019 of “not less than” 160 percent as compared to the year ended December 31, 2018. One of the reasons for the loss was a decline in gaming revenue, the firm said in a filing on Tuesday.
The company’s gaming business revenue is mostly derived from its operations at the Jeju Shinhwa World (pictured) casino resort on South Korea’s Jeju Island. Landing International said however its accounts for the whole of 2019 were still being finalised.
Hong Kong-listed Landing International plunged to a HKD701.5 million (US$90.3 million) loss in 2018, compared to a profit of nearly HKD505.1 million in the prior year.
The company reported a net loss of nearly HKD835.6 million for the first six months of 2019, as gaming revenue for the period declined by 94.3 percent year-on-year.
The group said in its profit warning issued on Tuesday that the latest expected net loss was attributable to factors including a “significant decrease in net revenue from gaming business.”
Other factors contributing to the expected net loss in the 12 months of 2019 included: a “decrease in fair values of investment properties”; an “impairment of property, plant and equipment”; a “decrease in interest income and increase in finance cost”; and an “increase in depreciation charges due to progressive opening of various facilities and provision for impairment of trade and other receivables”.
Landing International stated in its Friday filing it expected to publish its results for full-year 2019 by “late March”.
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