A significant fall in revenue from its Korean casino operation saw Hong Kong-listed Landing International Development Ltd report a loss of HK$835.6 million in the six months to 30 June 2019, down from a profit of HK$280.5 million in the prior year period.
Releasing its half-yearly results on Friday, Landing revealed an 80% decline in group revenue from HK$1.75 billion in the prior year period to HK$347.4 million, with gaming revenue at Landing Casino – located at Korean integrated resort Jeju Shinhwa World – down from HK$1.41 billion to HK$79.8 million. Segment loss from the gaming business was HK$212.3 million compared with a profit of HK$754.8 million in 1H18.
Landing also reported a decline in revenue from its property development arm, related to sales of residential properties at Jeju Shinhwa World, of 53.4% to HK$85.5 million although IR revenue, comprising hotels, MICE, F&B and theme parks, increased slightly to HK$182.2 million.
Despite the disappointing results, Landing said it will continue efforts to promote and position Jeju Shinhwa World as a desirable destination resort, stating that “intensified marketing promotions, events, reward scheme, competitive mass and VIP gaming programs will launch to energize the business in the second half of the year.”
