Landing International reports loss of US$134.9m for 2021

Revenue rose 71.3 per cent year-on-year to HKD1.35bn in 2021.
Revenue rose 71.3 per cent year-on-year to HKD1.35bn in 2021.

Landing International’s loss for 2021 was lower than the HKD2.12bn it lost in 2020.

South Korea.- Landing International Development has shared its financial results for the year ended December 31, posting a loss of HKD1.06bn (US$134.9m). Consolidated revenue was up 71.3 per cent year-on-year to HKD1.35bn. However, gaming-segment revenue was down 52.5 per cent to HKD88.6m.

Revenue from integrated resort development increased by 69.8 per cent year-on-year to HKD856.4m while real estate development revenue was nearly HKD405m, up 316.3 per cent. Losses across those three segments totalled HKD885.2m, an improvement from the segment loss of HKD1.7bn in 2020.

With the group facing net liabilities of HKD781.9m as of December 31, the group’s auditors warned of “material uncertainty” about its ability to continue as a going concern.

Interest-bearing bank loans increased by 155 per cent year-on-year from HKD829.2m to HKD2.11bn in 2021. Landing International’s total assets (excluding current liabilities) decreased by 27.5 per cent year-on-year to nearly HKD8.87bn.

South Korea allows quarantine-free entry for fully vaccinated visitors

Mandatory seven-day quarantine on arrival has been lifted for those who have been fully vaccinated with three doses against Covid-19. The measure applies to Jeju Island, where many casinos are located.

The announcement was well-received by South Korean casinos, of which all but one cater to foreign visitors only. In 2021, the 16 foreigner-only casinos saw their revenue drop by nearly 31.9 per cent compared to the previous year, coming in at KRW407.13bn. 

Total casino revenue was down 59.7 per cent compared to KRW2.93tn in 2019, the most recent trading year before the Covid-19 pandemic hit travel and tourism.