{"id":28708,"date":"2022-04-05T10:15:25","date_gmt":"2022-04-05T13:15:25","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28708"},"modified":"2026-04-23T09:53:03","modified_gmt":"2026-04-23T12:53:03","slug":"landing-international-reports-loss-of-us134-9m-for-2021","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/landing-international-reports-loss-of-us134-9m-for-2021","title":{"rendered":"Landing International reports loss of US$134.9m for 2021"},"content":{"rendered":"\n

Landing International’s loss for 2021 was lower than the HKD2.12bn it lost in 2020.<\/p>\n\n\n\n\n\n\n\n

South Korea.-\u00a0Landing International Development\u00a0has 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<\/strong> to HKD1.35bn. However,\u00a0gaming-segment revenue was down 52.5 per cent\u00a0<\/strong>to HKD88.6m.<\/p>\n\n\n\n

Revenue from integrated resort development\u00a0<\/strong>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<\/strong>, an improvement from the segment loss of HKD1.7bn in 2020.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

South Korea allows quarantine-free entry for fully vaccinated visitors<\/h2>\n\n\n\n

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\u00a0Jeju Island<\/a>, where many casinos are located.<\/p>\n\n\n\n

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\u00a0revenue drop by nearly 31.9 per cent\u00a0<\/strong>compared to the previous year, coming in at KRW407.13bn.\u00a0<\/p>\n\n\n\n

Total casino revenue<\/a> was down 59.7 per cent compared to KRW2.93tn in 2019<\/strong>, the most recent trading year before the Covid-19 pandemic hit travel and tourism.<\/p>\n","protected":false},"excerpt":{"rendered":"

Landing International’s loss for 2021 was lower than the HKD2.12bn it lost in 2020.<\/p>\n","protected":false},"author":176,"featured_media":17328,"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 reduced net loss of HKD1.06bn for 2021, an improvement from HKD2.12bn in 2020, driven by non-gaming revenue growth despite a significant decline in gaming segment revenue. The company faces material uncertainty regarding its ability to continue as a going concern due to substantial net liabilities and increased interest-bearing debt, while the broader South Korean casino market experienced a 31.9% revenue drop for foreigner-only casinos in 2021, with recent quarantine relaxations offering potential recovery.","focusai_entities":"Landing International Development","focusai_location":"South Korea, Jeju Island","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Going Concern Strategy?","query":"What specific operational and financial restructuring initiatives is Landing International implementing to address the auditors' \"material uncertainty\" regarding its going concern status?"},{"label":"Market Recovery Outlook?","query":"How are the recent quarantine relaxations in South Korea, particularly for Jeju Island, projected to impact Landing International's gaming segment NGR and overall consolidated revenue in H1 2022?"}],"footnotes":""},"categories":[157,16338],"tags":[],"class_list":["post-28708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28708","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=28708"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28708\/revisions"}],"predecessor-version":[{"id":28726,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28708\/revisions\/28726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17328"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}