Casino investor Landing International has decided to suspend expansion due to the impact of the pandemic on the business.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Landing International Development has reported a net loss of HKD792.2 million (US$102.2 million) for the first six months of 2020.<\/p>\n\n\n\n
According to a filing to the Hong Kong Stock Exchange, it saw a 24.5 per cent year-on-year decline in aggregate revenue for the period, to HKD262.1 million (US$33.8 million).<\/p>\n\n\n\n
The firm runs the foreigner-only casino resort Jeju Shinhwa World on South Korea\u2019s Jeju Island. <\/p>\n\n\n\n
Landing International said in the filing that some of the large-scale expansion projects for Jeju Shinhwa World \u2013 including the addition of a Four Seasons Resort and a Lionsgate Movie World theme park \u2013 had been \u201csuspended\u201d in order for the group to \u201cpreserve healthy liquidity\u201d amid the Covid-19 pandemic crisis.<\/p>\n\n\n\n
The company said: \u201cIn response to the decreasing number of cross-border travellers, we concentrated on the local market by offering discounted family packages and promotion events.<\/p>\n\n\n\n
“Our enhanced marketing strategy has been rewarded a satisfactory response with improving hotel occupancy rate since May 2020.”<\/p>\n\n\n\n
Gaming revenue in the six months to June 30 was approximately HKD101.1 million (US$13 million), up 26.6 per cent year-on-year, but non-gaming revenue fell by 39.8 per cent year-on-year, to HKD161.1 million (US$20.7 million).<\/p>\n","protected":false},"excerpt":{"rendered":"
Casino investor Landing International has decided to suspend expansion due to the impact of the pandemic on the business.<\/p>\n","protected":false},"author":2,"featured_media":9495,"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 significant net loss of HKD792.2 million for H1 2020, with aggregate revenue declining 24.5% year-on-year, primarily due to pandemic-induced market contraction. The group has strategically suspended major capital expenditure projects at Jeju Shinhwa World, including the Four Seasons Resort and Lionsgate Movie World, to fortify liquidity. This operational pivot includes an enhanced focus on the domestic market, which has shown improved hotel occupancy despite a substantial decrease in non-gaming revenue.","focusai_entities":"Landing International Development, Jeju Shinhwa World, Four Seasons Resort, Lionsgate Movie World","focusai_location":"Hong Kong, South Korea, Jeju Island","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), marketing_crm (0.85), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Expansion Project Timeline?","query":"What is the projected timeline for re-evaluating the suspended expansion projects at Jeju Shinhwa World, and what specific market conditions or GGR\/NGR recovery metrics would trigger their resumption?"},{"label":"Local Market ARPU Impact?","query":"How has the strategic pivot to the local market impacted the average revenue per user (ARPU) and customer lifetime value (CLTV) compared to the previous international visitor segment, particularly for the gaming vertical?"}],"footnotes":""},"categories":[160,28,16338],"tags":[1619],"class_list":["post-9491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-east-asia-news","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9491","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9491"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9491\/revisions"}],"predecessor-version":[{"id":9497,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9491\/revisions\/9497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9495"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}