Landing International Development Ltd, operator of the Landing Casino on Jeju island, in South Korea, reported a net loss of nearly HKD105.4 million (US$13.4 million) for the first half of this year, compared with a HKD623.7-million loss a year earlier.
The improvement was on revenue that rose by 45.1 percent year-on-year, to HKD691.6 million, said the firm in a Monday filing to the Hong Kong Stock Exchange.
That was despite a 44.4-percent decline in revenue derived from the gaming business during the reporting period. Such revenue was HKD32.6 million in the first six months of 2022, compared with HKD58.7 million a year ago.
The gaming segment recorded a loss of HKD49.2 million, versus a loss of HKD248.0 million in the first half of 2021.
Landing International said the increase overall group revenue was mainly attributable to an “increase in domestic consumption” at its Jeju Shinhwa World resort (pictured), which houses the Landing Casino. It said “a series of marketing campaigns” had led to an “increase in revenue generated from the integrated resort segment.”
The integrated resort segment recorded revenue of HKD448.7 million in the six months to June 30, compared with HKD350.7 million in the prior-year period.
During the reporting period, aggregate non-gaming revenue was approximately HKD658.9 million, up from just below HKD418.0 million a year earlier.
Jeju Shinhwa World opened in March 2018. It currently has 2,062 hotel rooms, a theme park, a water park, and space for conventions and exhibitions.
In its interim report, Landing International said the plan to build a new hotel at Jeju Shinhwa World “had been suspended”, with the group mulling giving priority to its property development business.
“The group is exploring the feasibility of a further residential development … [at] Jeju Shinhwa World,” said the firm, adding that the construction of this project could start in 2023 and “be completed in 2024.”
In May, a resort executive told GGRAsia that Landing International planned to add 100 more units of ‘Somerset’-branded condominium accommodation and villas to Jeju Shinhwa World, in a second phase of development. The timetable and cost for that work were not disclosed at the time.
Visa-free access to Jeju for holders of certain passports was restarted on June 1, after a more-than two-year pause.
Authorities in South Korea have announced earlier this month a visa-free offer for a segment of the South Korean tourism target market. The scheme covers visits to Jeju, as well as travel to the South Korean peninsula. It runs from August 4 to 31.
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