Asian integrated resort investor and operator Landing International Development says it is considering moving its Landing Casino, located within Hyatt Regency Jeju Hotel in Jeju, to its new Jeju Shinhwa World development.
Announcing its results for the six months to 30 June 2017, Landing International said, “It is recognized that a casino is one of the most essential facilities within an integrated resort to complement better offerings to its visitors with a complete hospitality experience and in order to leverage and utilize current casino operation resources within the group’s business as a whole, the group is exploring the possibility of relocating Landing Casino to Jeju Shinhwa World.
“The group will continue to develop the customer base to enhance the ‘Landing’ brand as a world-class brand in the gaming and entertainment industry.”
When completed in 2019, Jeju Shinhwa World will house a family theme park offering more than 20 rides and attractions, a waterpark, a large retail and food complex and more than 2,000 rooms including luxury villas and a destination spa.
Revenue from Landing Casino fell 24.8% year-on-year for the first six months of 2017 to HK$174.5 million.
The company also operates the prestigious Les Ambassadeurs Club in London, which it acquired in April 2016 at a cost of around HK$1.54 billion. For the six months ended 30 June 2017, Landing International booked revenue of HK$427.9 million from Les Ambassadeurs Club compared with HK$93.3 million between 28 April 2016 and 30 June 2016 following acquisition.
Total gaming business segment profit for the period generated from Landing Casino and Les Ambassadeurs Club combined declined year-on-year from HK$82.1 million to HK$45.3 million.
Group-wide revenue, which takes into account Landing International’s interests in property development and lighting businesses, grew 160% year-on-year in 1H17 to HK$846.3 million with profit of HK$44.7 million compared with a loss of HK$662.6 million 12 months earlier.
“During the second half of 2017, the group will focus on the progressive opening and marketing of theme park, hotels and various entertainment facilities in Jeju Shinhwa World,” the company said.
“Due to such change of marketing focus, Landing Jeju will slow down the sale activities for properties, whereas it is believed that more facilities and attractions within Jeju Shinhwa World may result in better market response to the sale of properties by that time.
“The management of the company expects rapid and continuous changes in global markets in the foreseeable future. Changes create not only challenges but also opportunities. The company will constantly review the performance of the existing businesses and proactively seek for any investment project that provides promising prospects with profitability track record to contribute favorable income stream and generate the best return to the group.
“The company will from time to time review the financing needs and budget to cater the business development of Jeju Shinhwa World, and will keep looking for fund raising opportunities to strengthen the financial position of the group as and when appropriate.”
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