The relocation of Landing Casino from its former home at Hyatt Regency Jeju Hotel to the company’s Jeju Shinhwa World integrated resort in February drove Landing International Development Limited to a 360% increase in consolidated revenue for the first six months of 2018 to HK$1.75 billion.
The significant jump included HK$1.41 billion in gaming revenue and HK$347.4 million in non-gaming revenue, with profit attributable to owners of the company up from HK$48.6 million in 1H17 to HK$280.6 million this year.
Segment profit from the gaming business was HK$754.8 million – an increase of almost 8,500% on its HK$8.9 million profit in the same period in 2017. Landing Casino, which moved to its new home on 25 February 2018, is around seven times larger than its previous location at 5,500 square meters and boasts 155 gaming tables and 147 EGMs.
Landing said it also enjoyed strong growth across its non-gaming segments, particularly MICE, with Landing Convention Centre hosting several high-profile regional and national events, the company stated in its earnings release.
“Jeju Shinhwa World regularly attracted many local and foreign visitors to Shinhwa Theme Park, Shinhwa World Hotels and Resorts, YG Republique, GD Café and MICE facilities in Landing Convention Centre and generated segment revenue of approximately HK$163.9 million which was mainly generated from its hotels, MICE events, food and beverage services, theme park tickets and merchandise sales as well as leases of retail spaces in the resort,” Landing said.
The company is also set to hold a groundbreaking ceremony next week for its planned US$1.5 billion Philippines IR, NayonLanding, after being granted a provisional gaming license by PAGCOR in July.
“Following the successful opening of Jeju Shinwa World, this investment is an ideal opportunity for the group to strategically expand its footprint into Southeast Asia, hence taking a major step towards the company’s aspiration to be a leading premium integrated resort operator in the region,” Landing added.
“According to the Department of Tourism of the Republic of the Philippines, Korea and China are currently the two largest sources of tourism to the country. We expect that NayonLanding, when open, will be able to leverage the growing brand equity in Jeju Shinhwa World to attract more Koreans and tourists in the region.”
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