Casino op Landing flags lower 1H loss, revenue down 25pct

Aug 18, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Casino operator Landing International Development Ltd expects to record a “slight” year-on-year decrease in consolidated net loss for the first six months of 2020. That is despite the firm forecasting consolidated revenue for the period to have declined by about 25 percent, it said in a profit warning filed on Monday.

Hong Kong-listed Landing International stated that the reduced net loss for the first six months of 2020 was related to an “increase in net revenue” from its gaming business, a “decrease in operating expenses” and a decline in finance costs related to lease liabilities due to termination of some leases in 2019.

The firm’s first-half 2019 net loss stood at nearly HKD835.6 million (US$106.5 million). The company said at the time the lacklustre performance was linked to a decline in gaming revenue at its foreigner-only casino resort Jeju Shinhwa World (pictured) on South Korea’s Jeju Island.

Landing International stated in its latest profit warning that the decrease in expected consolidated revenue for the first half of 2020 “was mainly due to the outbreak of Covid-19”, which had led to a decrease in the number of visitors to the group’s properties and a reduction in overall sales.

The company stated in a separate Monday filing that its board was scheduled to meet on August 28 to approve the firm’s results for the first six months of 2020.

Landing International announced on Friday the appointment of Hong Kong legislator Abraham Shek Lai Him as an independent non-executive director of the company.

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