Hong Kong-listed casino investor Landing International Development Ltd says it expects to record a 500-percent year-on-year increase in net profit for the six months ended June 30. In a “positive profit alert” filed on Friday, the firm said the expected “significant increase” in net profit for the period was based on “a preliminary review of the unaudited consolidated management accounts of the group”.
Landing International had made approximately HKD48.6 million (US$6.2 million) in profit in the first half of 2017, according to company filings.
In Friday’s filing, the company said the expected increase in profit was “mainly attributable to the increased revenue contributed from gaming business in Jeju, South Korea,” following the relocation of Landing Casino from Hyatt Regency Jeju Hotel to the firm’s Jeju Shinhwa World casino resort on February 25, 2018.
According to the company, Jeju Shinhwa World’s casino managed to generate gross gaming revenue of HKD650 million in its first – stub – quarter of operation. The venue’s rolling chip turnover from VIP gambling business totalled HKD16.2 billion between February 25 and March 31, said Landing International in April.
On Friday, the firm said it would announce its first-half results on August 2.
The Hong Kong-listed firm announced last week that the Philippine Amusement and Gaming Corp (Pagcor) had granted a provisional gaming licence to its wholly-owned unit Landing Resorts Philippines Development Corp. The permit is “to operate a casino at [the firm's] integrated leisure and entertainment resort within Entertainment City,” in Metro Manila.
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Analyst at Roth Capital Partners