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bscnews   Image Posted May.1st, 2024, viewed 54 times

Casino Company Landing Flag 10pct-20pct Slim Year Loss

Casino operator Landing International Development said it expects full-year 2020 results to post a consolidated net loss of between 10% and 20% year-over-year.

Those losses in 2019 were just over HK$2.1 billion ($274.5 million), according to the 2019 annual audit results filed with the Hong Kong Stock Exchange in May last year.

We have developed and operated a landing casino (photo), a game facility exclusively for foreigners linked to Jeju Shinhwa World Resort.

In a filing with the Hong Kong Stock Exchange on Thursday, the company also said it expected a "slight decline in consolidated revenue of about 3%" for the full year 2020.

The group's consolidated revenue was about HK$815.5 million, according to its 2019 annual report.

The shrinking losses in 2020 came amid the ongoing COVID-19 pandemic, which has reduced regional and global tourism.

The 2020 loss reduction came despite the "incident" disclosed to the stock exchange on January 5 this year regarding the "loss of approximately 14.56 billion won [US$12.9 million]" caused by the operation of the Jeju Shinhwa World game.

"As the case investigation is still ongoing, the Company has yet to confirm the recoverable and definitive amounts recognized as losses in the Group's consolidated financial statements as of this announcement date," the Group said in a warning regarding its 2020 profit

In mid-January, Jeju police said they had recovered about 12 billion won in cash, estimated to be part of Landing International's missing funds, Yonhap reported at the time.


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