Landing 2020 revenue down, but locals fuel H2 recovery

Landing International said its foreigner-only integrated resort in South Korea generated positive revenue in the second half of the year after it switched its focus to marketing to locals.

For the whole year, revenue was down just 3.4 percent to HK$788 million, while the group posted a loss of HK$2.1 million, little changed from the prior year.

The results are surprising as Jeju has been closed to visitation due to the Covid crisis, while local Koreans are not permitted to gamble. This has lead to steep drops in revenue and mounting losses at casinos on the Korean peninsula.

Landing said its marketing had focused on offering packages to attract families to its water park, hotels and other attractions at Jeju Shinhwa World, the biggest IR on the island.

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