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.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Landing International Development<\/strong> has published its annual results for 2020, reporting a net loss of approximately HKD2.12bn (US$272.0m)<\/strong>, slightly below the net loss of HKD2.13bn reported in 2019.<\/p>\n\n\n\n The casino investor reported that gaming revenue for 2020 was down 12.5 per cent year-on-year<\/strong> to HKD186.49m and consolidated revenue down 3.4 per cent to HKD788.01m.<\/p>\n\n\n\n The company attributed the results to the drop in tourism due to the Covid-19 pandemic<\/strong> and lower property sales.<\/p>\n\n\n\n Its foreigner-only casino resort Jeju Shinhwa World <\/strong>on South Korea\u2019s Jeju Island generated segment revenue of approximately HKD504.23m<\/strong>, up by 3.2 per cent when compared to 2019.\u00a0<\/p>\n\n\n\n Landing International\u00a0suspended large-scale expansion projects<\/em><\/a>\u00a0such as Four Seasons Resorts <\/strong>and Lionsgate Movie World<\/strong> to preserve group liquidity.<\/p>\n\n\n\n Landing expects to recover at least part of the cash<\/a><\/em> stolen in a massive theft from its Jeju Island casino in January<\/a><\/em>. <\/p>\n\n\n\n A Jeju Shinhwa World employee allegedly stole KRW14.56bn ($13.2m). Police arrested three suspects <\/strong>and seized\u00a0approximately KRW13.4bn (US$11.8m)<\/strong>, which was placed in a deposit account held by Jeju police.<\/p>\n","protected":false},"excerpt":{"rendered":" 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.<\/p>\n","protected":false},"author":176,"featured_media":16532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Landing International Development reported a marginal reduction in net loss for 2020 to HKD2.12bn, despite a 3.4% consolidated revenue decline and a 12.5% drop in gaming revenue, primarily due to COVID-19's impact on tourism. The company suspended major expansion projects to conserve liquidity and is pursuing recovery of KRW14.56bn stolen from its Jeju Shinhwa World property.","focusai_entities":"Landing International Development, Landing International, Jeju Shinhwa World, Four Seasons Resorts, Lionsgate Movie World","focusai_location":"Hong Kong, South Korea, Jeju Island","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), compliance_legal (0.7), operator_casino (0.9), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Liquidity Strategy","query":"What specific measures beyond project suspension is Landing International implementing to bolster its liquidity position and mitigate ongoing operational risks in a volatile market?"},{"label":"Jeju Shinhwa Performance","query":"Given the overall gaming revenue decline, what factors contributed to the 3.2% segment revenue growth at Jeju Shinhwa World, and how sustainable is this performance in the current tourism climate?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,23924],"class_list":["post-16531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino","tag-landing-international"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16531"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16531\/revisions"}],"predecessor-version":[{"id":16544,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16531\/revisions\/16544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16532"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Jeju casino stolen funds<\/h2>\n\n\n\n