Hong Kong-listed investment firm Landing International Development Ltd on Monday reported revenue of HKD1.72 billion (US$221.5 million) for full-year 2016, a nearly 600-percent increase from HKD246.5 million in 2015. The company said the increase was primarily due to the business volume from its gaming segment. The gaming segment recorded revenue of HKD1.49 billion for the full year.
The company however posted a net loss of approximately HKD1.07 billion for 2016, compared to a loss of nearly HKD988 million in the previous year. Landing International said the widening loss was mainly due to: changes in fair values of financial assets; increase in staff costs, and sales and marketing expenses; and increase in other operating and administrative expenses related to the group’s expansion.
Landing International is a mainland China real estate developer that is pursuing a foreigner-only casino resort project on Jeju Island, South Korea.
The firm already owns and operates a casino on Jeju Island, branded Landing Casino, located at the Hyatt Regency Jeju Hotel (pictured). In April 2016, Landing International acquired Les Ambassadeurs Club and Casino, an upmarket gaming venue in London in the United Kingdom.
The two existing properties generated combined profit of HKD129.3 million for the year ended December 31, 2016. For the full year, Landing Casino on Jeju generated revenue of approximately HKD363.4 million; for the period from April 28 to December 31, Les Ambassadeurs Club generated revenue of approximately HKD1.13 billion.
New casino in 4Q17
In Monday’s filing, Landing International also gave an update regarding the casino resort it is building in South Korea’s Jeju island. The company said in January it now has 100-percent control of the foreigner-only casino project on Jeju, after casino operator Genting Singapore Plc decided to exit the venture.
It is planned that the new scheme – Jeju Shinhwa World – will have approximately 2,000 rooms, a foreigner-only casino, a theme park, shops, restaurants and meeting space.
Construction for phase one of the hotel accommodation and the theme park has started, “and more than 51 percent of the overall construction has been completed,” Landing International said on Monday.
The firm said one of the hotels might be ready to receive guests in April or May this year. Other entertainment areas, including the casino, “will be opened in fourth quarter of 2017,” said the company. The entire development is expected to be completed by 2019.
Jeju Shinhwa World “will become a world-class destination resort that has premium leisure and entertainment facilities which cater to local and overseas visitors of all age,” added Landing International.
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”Continued negative coverage of the Abe administration, coupled with political losses for the Liberal Democratic Party ... may reduce support for the gaming agenda, which already has only limited public support”
Analyst at brokerage Sanford C. Bernstein