• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Landing Intl swings to 1H loss as gaming revenue plunges

Sep 02, 2019 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck  


Landing Intl swings to 1H loss as gaming revenue plunges

Casino investor Landing International Development Ltd reported a net loss of nearly HKD835.6 million (US$106.5 million) for the first six months of 2019, as gaming revenue for the period declined sharply.

The Hong Kong-listed company had reported a first-half 2018 profit of HKD280.6 million. The firm runs a foreigner-only casino resort Jeju Shinhwa World (pictured) on South Korea’s Jeju Island.

Revenue in the first half of 2019 stood at HKD347.4 million, 80.2 percent down compared to the prior-year period, Landing International said in a Friday filing. The decline was mainly due to a slump in gaming revenue for the period, down 94.3 percent year-on-year to HKD79.8 million.

In the six months ended 30 June 2019, non-gaming revenue was approximately HKD267.6 million, a decline of nearly 23.0 percent from a year earlier, said the company.

In Friday’s filing, Landing International said other factors had contributed to its first-half net loss, including: a decrease in revenue from sales of residential properties; a decrease in interest income and increase in finance cost; and an increase in amortisation and depreciation charges due to “progressive opening” of various facilities at Jeju Shinhwa World.

Landing International’s gaming business segment recorded a loss of just above HKD212.3 million in the first six months of 2019, compared to a segmental profit of nearly HKD754.8 million a year ago.

Jeju Shinhwa World generated segmental revenue of approximately HKD182.2 million in the period, up 11.1 percent from the prior-year period. But the casino resort still posted a segment loss of nearly HKD513.5 million, an increase of 64.1 percent in year-on-year terms.

The casino investor confirmed to GGRAsia in April that three senior executives associated with the launch in February last year of operations at Jeju Shinhwa World had left the group.

The accommodation at Jeju Shinhwa World has been expanding “progressively” since 2017, with the resort complex now offering more than 2,000 rooms and suites, said Landing International in its Friday statement. The latest addition was the Shinhwa Resort with more than 500 rooms, which opened on July 29, stated the company.

The Hong Kong-listed company said it would “regularly organise regional and global poker and baccarat gaming tournaments” as part of its efforts to promote and position Jeju Shinhwa World “as a desirable destination resort”.

It added: “Intensified marketing promotions, events, reward scheme, competitive mass and VIP gaming programmes will [be] launch[ed] to energise the business in [the] second half of the year.”

Landing International said also that it would continue to “to seek for other suitable business opportunities” to expand its business.

Landing International is pursuing a casino resort project in Manila, in the Philippines, but the authorities there have said that the land lease contract for the project would be “cancelled”, casting doubts over the project.

In Friday’s filing, the company told the stock exchange: “As at the date of this announcement, the company has not received any official decision from the government of the Philippines regarding this matter.”


  • tweet
Related articles
  • China demand a boon to S.Korea casinos: brokerage
    China demand a boon to S.Korea casinos:...

    Mar 14, 2023  

  • Annual net casino sales double y-o-y at Jeju Dream Tower
    Annual net casino sales double y-o-y at...

    Mar 14, 2023  

More news
  • Nagasaki says Credit Suisse woes not to impact IR plan
    Nagasaki says Credit Suisse woes not to...

    Mar 20, 2023  

  • Macau GGR for March 1 to 19 at US$845mln: JP Morgan
    Macau GGR for March 1 to 19 at...

    Mar 20, 2023  


Latest News

Nagasaki says Credit Suisse woes not to impact IR plan

Nagasaki says Credit Suisse woes not to impact IR plan

Mar 20, 2023  

Credit Suisse Group AG, described last year by Nagasaki governor Kengo Oishi as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese prefecture...
Read More
Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Mar 20, 2023  

Let’s Win hosts grand opening for club at Hoiana in Vietnam

Let’s Win hosts grand opening for club at Hoiana in...

Mar 20, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


1.59 million

Total number of visitor arrivals to Macau in February



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau visitor tally up 14pct m-o-m in FebruaryMacau visitor tally up 14pct m-o-m in February March 17, 2023
  • LET Group flags 2022 loss of US$52mln, Hoiana repays loanLET Group flags 2022 loss of US$52mln, Hoiana repays loan March 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us