GGRAsia – Casino investor Landing flags 1H loss, gaming revenue down

Casino investor Landing flags 1H loss, gaming revenue down

Aug 12, 2019 Newsdesk Latest News, Philippines, Top of the deck

Casino investor Landing International Development Ltd expects to record a net loss for the first six months of 2019, although it says its accounts for the period are still being finalised. One of the reasons for the loss was a decline in gaming revenue, the firm said in a filing on Friday.

Hong Kong-listed Landing International’s first-half 2018 profit stood at HKD280.6 million (US$35.8 million), helped by the ramping up of its foreigner-only casino resort Jeju Shinhwa World (pictured) on South Korea’s Jeju Island. The company however posted a HKD701.5-million loss for full-2018.

The group said in its profit warning issued on Friday that the expected net loss was attributable to factors including a “decrease in net revenue from gaming business.”

Other factors contributing to the expected net loss in the first half of 2019 included: a “decrease in revenue from sales of residential properties”; a decrease in interest income and increase in finance cost; and an increase in amortisation and depreciation charges due to progressive opening of various facilities at Jeju Shinhwa World.

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.

Landing International stated in its Friday filing it expected to publish its results for the first six months of 2019 by “late August”.