A significant fall in revenue from its Korean casino operation saw Hong Kong-listed Landing International Development Ltd report a loss of HK$835.6 million in the six months to 30 June 2019, down from a profit of HK$280.5 million in the prior year period.
Releasing its half-yearly results on Friday, Landing revealed an 80% decline in group revenue from HK$1.75 billion in the prior year period to HK$347.4 million, with gaming revenue at Landing Casino – located at Korean integrated resort Jeju Shinhwa World – down from HK$1.41 billion to HK$79.8 million. Segment loss from the gaming business was HK$212.3 million compared with a profit of HK$754.8 million in 1H18.
Landing also reported a decline in revenue from its property development arm, related to sales of residential properties at Jeju Shinhwa World, of 53.4% to HK$85.5 million although IR revenue, comprising hotels, MICE, F&B and theme parks, increased slightly to HK$182.2 million.
Despite the disappointing results, Landing said it will continue efforts to promote and position Jeju Shinhwa World as a desirable destination resort, stating that “intensified marketing promotions, events, reward scheme, competitive mass and VIP gaming programs will launch to energize the business in the second half of the year.”
RelatedPosts
