Landing International posts a net loss of US$13.4m for H1

Gaming revenue was down 44.4 per cent year-on-year to HK$32.6m in the first half of the year.

South Korea.- Landing International Development has shared its financial results for the first half of the year and reported a net loss of nearly HK$105.4m (US$13.4m), compared with a HK$623.7m loss a year earlier.

The company also recorded an increase in consolidated revenue of 45.1 per cent year-on-year, to HK$691.6m but revenue derived from the gaming business was down 44.4 per cent from HK$58.7m to HK$32.6m.

A loss of HK$49.2m was recorded in the gaming segment, compared to HK$248.0m last year.

The casino operator attributed the growth in overall group revenue to an “increase in domestic consumption” at its Jeju Shinhwa World resort which houses the Landing Casino.

It also carried out a series of marketing campaigns that led to an increase in revenue generated from the integrated resort segment.

The integrated resort segment recorded revenue of HK$448.7m for the six months ended June 30, compared to HK$350.7m for the same period last year.

During the period, total non-gaming revenue was approximately HK$658.9m, up from slightly less than HK$418.0m last year.

As regards plans to build a new hotel at Jeju Shinhwa World, the company said the project has been suspended in order to give priority to its property development business.