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
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.