Landing’s relocation of its Landing Casino to Jeju Shinhwa World has paid off, with the company reporting a 360 percent increase in revenue for the six months ended June 30, 2018.
The group’s consolidated revenue reached HK$1.8 billion (US$222.9 million), driven mainly by gaming revenue, which reached HK$1.4 billion in the first half of the year, up from HK$137.2 million in 2017.
Profit attributable to owners of the company was approximately HK$280.6 million, up from HK$48.6 million in the prior year period. Adjusted EBITDA was HK$764.7 million, from HK$45 million in 17H2.
The relocation of the Landing Casino from Hyatt Regency Jeju Hotel to Jeju Shinhwa World occured on February 25, 2018. Landing said the move allowed it to increase its gaming floor size to 5,500 sqm, around 7 times larger than its previous location, offering a total of 155 gaming tables, and 147 slot machines and ETGs.
Since relocation, Landing Casino has achieved gross gaming revenue of HK$2 billion, with total rolling volume of HK$66 billion.
Looking ahead, Landing said it expects a continued growth of visitors from China, with new routes and additional flights coming from Macau, Guangzhou and Taiwan in July 2018.
Jeju Shinhwa World itself is expected to introduce more facilities, including a Waterpark, a Transformers exhibition, and a new Somerset Clubhouse.
The IR’s third hotel resort, Shinhwa Resort is scheduled to open in 18Q4.
The company is also planning to organize regional and global poker and baccarat gaming tournaments at its Landing Casino.
Beyond Korea, the company most recently announced its foray into Philippines, having being granted a provisional license from Pagcor to develop an IR in Manila.
The US$1.5 billion integrated resort will be called NayonLanding and is expected to open in early 2022.