Hong Kong-listed investment firm Landing International Development Ltd reported total segment profit of HKD82.1 million (US$10.6 million) for its gaming operations in the first six months of 2016.
The firm owns and operates a casino on Jeju Island, South Korea. Earlier this year, Landing International acquired Les Ambassadeurs Club and Casino, an upmarket gaming venue in London in the United Kingdom. The two properties generated combined revenue of HKD325.4 million for the first half of 2016, the company said in a filing to the Hong Kong Stock Exchange on Monday.
The Jeju venue – branded Landing Casino – generated revenue of HKD232.1 million and net profit of HKD60.7 million respectively in the first half of 2016. Net profit was up by 5.5 percent compared to the corresponding period last year, when Landing International was a joint venture partner in the project. The firm acquired the remaining equity interest in the property in October last year.
Les Ambassadeurs Club (pictured) generated total revenue of HKD93.3 million between April 28 – when Landing acquired the business – and June 30.
Landing International is also involved in a project with casino operator Genting Singapore Plc to develop a new gambling resort on Jeju Island.
Landing International reported an overall loss of HKD526.5 million for the six months to June 30, compared to a loss of HKD143.9 million in the prior-year period. Revenue rose 307.7 percent year-on-year to HKD445.3 million, positively affected by the firm’s gaming operations.
Beyond gaming, Landing International is involved in property development and in LED lighting.
The firm said reasons for the group’s widening loss included: an “increase in employee benefit expenses and other operating expenses incurred in the construction and planning stages of the integrated resort development” on Jeju Island; an “increase in employee benefit expenses and other operating expenses due to expansion of the group”; and a “change in fair value of financial assets at fair value through profit or loss”.
Landing International’s new Jeju project is currently referred to as the “Myths and History Park”. It is due to open progressively from the second half of 2017, according to Monday’s filing. The entire development is expected to be completed by 2019, added the document.
“The Jeju project will house Jeju’s largest family theme park offering more than 20 rides and attractions in seven different zones under the themes of myths and legends from different parts of the world; Jeju’s largest adventure waterpark; and one of South Korea’s most exciting themed retail and food complexes,” Landing International stated in Monday’s release.
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”Given that the blanket casino closure [in Macau due to Typhoon Mangkhut] happened on an all-important weekend day… we expect that somewhere between MOP1.1 billion [US$136.2 million] and MOP1.5 billion in GGR will be lost”
Analyst at Union Gaming Securities Asia