Shareholders of Landing International Development have officially approved the company’s name change to Shin Hwa World Limited.

Significant rise in the net revenues of Landing International Development Ltd helped the company to ease the losses for the second quarter of 2022, which narrowed down almost 83 percent on a year-on-year basis to $13.4 million from $79.5 million.

Hong Kong-headquartered Landing International issued a profit warning anticipating rise in the net revenues and decline in losses for the second quarter of 2022 which ended on June 30.

Landing International said it expects to report 2021 revenue surged 70 percent as its Jeju Shinhwa World property on South Korea’s Jeju island benefited from strong domestic non-gaming demand.

Landing International has issued a profit warning to the effect that the firm expects “to record a slight decrease in consolidated revenue of approximately 3 percent and a decrease of approximately 10 percent to 20 percent in consolidated net loss

Yang Zhihui, chairman of Hong Kong-listed casino operator Landing International Development, is under investigation from the China Securities Regulatory Commission, according to a company filing. The investigation does not relate to Landing, but rather another company in which Yang is involved.

The operator of Jeju Shinhwa World, in South Korea, Landing International Development Ltd, has suspended its Chairman and Executive Director, Yang Zhihui, due to legal proceedings being leveled by Hong Kong’s Securities and Futures Commission (SFC).

Landing International Development is planning a name change to further realign its image and focus on its Jeju Shinhwa World integrated resort.

Landing International Development said gaming industry veteran Yeung Lo has resigned as executive director and authorized representative of the company.

Landing International, the company behind Jeju Shinhwa World in South Korea’s Jeju Island has reported a significant boost in revenue for the year ended December 31, 2021, due mainly to non-gaming revenues spurred by domestic consumption at Jeju Shinhwa World.