S.Korea Casino op-Landing drops to $89 mln loss in 2018

Asian casino investor Landing International Development posted a profit of nearly HK$555.1 million a year earlier, with a loss of HK$701.5 million ($89.4 million) in 2018. In fact, sales rose sharply in 2018 to nearly HK$2.1 billion from HK$840.2 million a year earlier.

The group said in a Sunday filing with the Hong Kong Stock Exchange that its underlying and diluting losses from continued operations amounted to HK$0.2387 per share, compared with a loss of HK$0.0781 per share in 2017.

For most of the reporting period, revenue from the gaming business in 2018 from Landing International's operations at Jeju Shinhwa World (pictured) increased year-on-year. Those revenues were nearly HK$1.49 billion, compared to HK$179.8 billion in 2017.

Jeju Shinhwa World, with its foreigner-only casinos, is located on Jeju Island in South Korea and opened in February last year. In 2017, the group had only a small operation at the nearby Hyatt Regency Jeju Hotel but has now ceased.

The company said its net loss in 2018 was attributable to several factors, including "a lack of profit of about HK$657 million" due to suspended operations related to its lighting business in mainland China and its gaming business in Britain.

In September 2017, landing international announced a deal to sell Les Ambassadeurs Club and Casino, a luxury gaming venue in London, England.

The company did not mention the long absence of its chairman, mainland Chinese businessman Yang Zhihui, in the second half of 2018. In late August, the company said it had lost contact with Yang. Landing International confirmed in a filing in late November that the entrepreneur had "applied to the relevant departments of the People's Republic of China for investigations during his absence" and had returned to work.

BY: 무료 슬롯