Landing International expects 3% decline in revenue for 2020

Casino investor Landing International expects to report a decline in revenue but a lower net loss than in 2019.

Hong Kong.- Landing International Development has said it expects to post a slight year-on-year decrease in consolidated revenue but a lower net loss.

The casino investor expects to report an increase of about 3 per cent on the HK$815.5m (US$105m) in net revenue reported for 2019.

In a filing to the Hong Kong Stock Exchange, the firm said it also expected to record a decrease in net loss of between 10 per cent and 20 per cent from the loss of HK$2.13bn (US$274.5m) in 2019.

The company is still investigating the theft of KRW14.56bn (US$13.4m) from a safe at Landing Casino in early January.

The group said: “As the investigation of the incident is still ongoing, the company has yet to ascertain the recoverable amount and the definitive amount recognised as loss in the group’s consolidated financial statements for the year as at the date of this announcement.”

Landing also saw a decrease in revenue due to a major drop in visitor numbers to its foreigner-only casino and reduction of property sale activities amid the ongoing Covid-19 pandemic.

However, it also saw an increase in revenue generated from Jeju Shinhwa World during the second half of 2020.