Landing International Development issues profit warning

Hong Kong-listed Landing International Development Ltd has warned investors it expects to record an increase in net loss for the year ended December 31, 2016.

The increase in loss, according to a filing from the company, is attributed to a change in fair value of financial assets at fair value through profit or loss; an increase in administrative expenses, incurred in the construction and pre-opening stages of the integrated resort development and property development; and an increase in other operating and administrative expenses due to expansion of the group.

Landing International Development recently announced the full acquisition of foreigner-only casino Jeju Shinhwa World project, previously known as Resorts World Jeju.

The company’s annual results announcement for the year 2016 is expected to be published by late March 2017.

More news from this jurisdiction

South KoreaThursday, May 18, 2017

Paradise Co reported a 92 percent plunge in net profit in 17Q1, due to a downturn in casino sales caused by unfavorable VIP luck.

South KoreaTuesday, May 16, 2017

Kangwon Land posted a 9 percent drop in 17Q1 profit as gaming revenue declined.

South KoreaMonday, May 15, 2017

Grand Korea Leisure reported an 8.3 percent decline in revenue for Q1, while its net profit tumbled by 34.6 percent.

South KoreaMonday, May 15, 2017

Former K-pop singer Jung Jin-woo has been jailed for one year for illegal gambling and for trying to disrupt an investigation of his case.

South KoreaTuesday, May 09, 2017

U.S. tribal casino operator Mohegan Sun has signed new agreements with the Incheon International Airport Corp. in relation to the development of the Inspire Integrated Resort in Incheon, South Korea.

South KoreaWednesday, Apr 26, 2017

Casino resort developer Landing International Development Ltd on Wednesday announced the opening of Somerset Jeju Shinhwa World, the first phase of Landings’ new Jeju project.

South KoreaMonday, Apr 24, 2017

South Korea’s Paradise City may face hard yards due to a ban on Chinese tour groups to the country, notes Bloomberg Intelligence analyst Margaret Huang.