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.
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Vitaly Umansky, Tianjiao Yu and Kelsey Zhu
Analysts at Sanford C. Bernstein Ltd