GGRAsia – Casino investor Landing Int flags narrower 1H loss

Casino investor Landing Int flags narrower 1H loss

Aug 18, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Hong Kong-listed real estate and casino investor Landing International Development Ltd says it expects a lower net loss for the six months to June 30 than it recorded in the prior-year period.

Landing International reported an overall loss of HKD526.5 million (US$67.3 million) in the first half of calendar year 2016, attributing much of it to costs associated with developing a new casino resort complex in Jeju, South Korea. The project had a first-phase launch in April this year.

The firm said in a profit warning filed on Thursday that it expected a narrower interim loss this year mainly due to: an increase in segment profit from property development thanks to revenue booked from purchasers; a gain linked to adjustment of fair value on financial assets; and a gain linked to adjustment of fair value regarding investment properties.

Landing International announced on Wednesday it had 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 Landing International’s Jeju venue.