South Korea casino resort operator Landing International Development Ltd said its net loss for full-year 2020 was approximately HKD2.12 billion (US$272.0 million), slightly narrowed from the net loss at HKD2.13 billion in 2019, according to its annual results filed on Thursday.
Hong Kong-listed Landing International developed and operates the Jeju Shinhwa World resort (pictured in a file photo) and its foreigner-only gaming facility, Landing Casino, on the South Korean island of Jeju. The parent firm also develops property.
The firm said the slightly-narrowed annual loss was thanks to factors including cutting operating expenses and “employee-benefit expenses”.
The firm’s consolidated revenue for 2020 was HKD788.01 million, a year-on-year decline of 3.4 percent, linked to fewer visitors to Landing Casino amid the Covid-19 pandemic, and lower property sales.
GGRAsia – Casino operator Landing Intl has US$272mln loss in 2020
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Casino sales on South Korea s Jeju fall 63 6% in 2020
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According to a report from Inside Asian Gaming, the cash was pilfered from the Hong Kong-listed operator in January and prompted an intensive search for a missing employee of the giant South Korean property’s Landing Casino. The source detailed that local police subsequently arrested three individuals who have now assisted in the recovery of some $11.8 million, which is currently being held as evidence in an ongoing investigation.
Expanding estate:
Landing International Development Limited opened its vast
Jeju Shinhwa World property in April of 2017 and has since been gradually adding facilities to the Jeju Island development including the 344-unit
Somerset Jeju Shinhwa World condominium complex and the 20-ride