Landing International revenue up 45.1% in H2
The company attributed the growth in consolidated revenue to the increase in domestic consumption at Jeju Shinhwa World.
South Korea.- Landing International Development has shared its financial results for the second half of the year. It’s reported consolidated revenue of nearly HK$691m, up 45.1 per cent year-on-year.
The company reported that Landing Casino recorded net revenue of approximately HK$32m, while segment loss from the gaming business was approximately HK$49m. Landing’s non-gaming revenue was HK$658m.
The increase in consolidated revenue was primarily due to increased domestic consumption in Jeju Shinhwa World through a series of marketing activities, resulting in higher revenue in the integrated resort segment, as well as increased residential real estate sales activities.
In the second half of the year, Jeju Shinhwa World resort generated a segment revenue of HK$448m, mainly from its hotels, conventions and exhibitions, catering services, attractions theme parks, water parks and merchandise sales.
The integrated resort segment had recorded revenue of HK$448.7m for the six months ended June 30, compared to HK$350.7m for the same period last year.
Landing’s plan to build a new hotel at Jeju Shinhwa World remains suspended in order to give priority to its property development business. The company is exploring the feasibility of developing a new zone for residential development, with construction commencing in 2023 and to be completed in 2024.
