Landing International reports US$272m net loss for 2020
Casino investor Landing International reported a year-on-year decline in revenue of 3.4 per cent but a lower net loss than in 2019.
Hong Kong.- Landing International Development has published its annual results for 2020, reporting a net loss of approximately HKD2.12bn (US$272.0m), slightly below the net loss of HKD2.13bn reported in 2019.
The casino investor reported that gaming revenue for 2020 was down 12.5 per cent year-on-year to HKD186.49m and consolidated revenue down 3.4 per cent to HKD788.01m.
The company attributed the results to the drop in tourism due to the Covid-19 pandemic and lower property sales.
Its foreigner-only casino resort Jeju Shinhwa World on South Korea’s Jeju Island generated segment revenue of approximately HKD504.23m, up by 3.2 per cent when compared to 2019.
Landing International suspended large-scale expansion projects such as Four Seasons Resorts and Lionsgate Movie World to preserve group liquidity.
Jeju casino stolen funds
Landing expects to recover at least part of the cash stolen in a massive theft from its Jeju Island casino in January.
A Jeju Shinhwa World employee allegedly stole KRW14.56bn ($13.2m). Police arrested three suspects and seized approximately KRW13.4bn (US$11.8m), which was placed in a deposit account held by Jeju police.
