Landing International Development Ltd, a mainland China real estate developer that is pursuing a foreigner-only casino resort project on Jeju Island, South Korea, has warned it expects its annual net loss to widen in the 2016 reporting period.
The Hong Kong-listed firm’s 2015 net loss was approximately HKD987.97 million (US$127.4 million).
In a Tuesday filing outlining the profit warning, it said the anticipated 2016 net loss was mainly due to: “change in fair value of financial assets at fair value through profit or loss; increase in administrative expenses, mainly staff-related cost and marketing expenses, incurred in the construction and pre-opening stages of the integrated resort development and property development; and increase in other operating and administrative expenses due to expansion of the group”.
Landing International said in a January 3 filing it now has 100-percent control of the foreigner-only casino project on Jeju, referred to as “Jeju Shinhwa World”.
Genting Singapore Plc, operator of the Resorts World Sentosa gaming resort in Singapore, told the Singapore Exchange in a November 11 filing that the total consideration it would receive for relinquishing its interest in the Jeju scheme was US$420 million in cash.
In 2016, Landing International acquired Les Ambassadeurs Club and Casino (pictured), an upmarket gaming venue in London in the United Kingdom.
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Analyst at Union Gaming Securities Asia