Casino investor Landing Int says now expecting 1H profit
Hong Kong-listed real estate and casino investor Landing International Development Ltd said on Thursday it expects a net profit for the six months to June 30, compared to a loss in the prior-year period. The company had said just a week ago that it expected a lower loss for the first half of 2017.
Landing International said in Thursday’s filing that the expected turnaround of the group’s performance was mainly attributable to: an increase in segment profit from property development thanks to revenue booked from real estate sales; a gain linked to adjustment in fair value of financial assets; a gain linked to adjustment in fair value regarding investment properties; and a reversal of impairment for other receivables.
The company had 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.
Latest News
Sign up to our FREE Newsletter
(Click here for more)
Most Popular
Wynn third Macau casino op to herald winter bonus January 15, 2019 
Okada Manila posts full-2018 GGR of US$522mln: Universal January 11, 2019 
Studio City to end VIP rolling Jan 2020: Melco Resorts January 16, 2019 
Caesars answers Tomakomai request for IR plan info January 14, 2019