Landing swings to H1 loss on drop in gaming business
Landing International Development swung to a loss in the first half due to an 80 percent drop in gaming revenue.
Consolidated revenue dropped to HK$347.4 million ($44.3 million) from $1.75 billion a year earlier. Non-gaming revenue declined to $267.6 million from $347.4 million, while gaming revenue was about $79 million, plunging from $1.4 billion.
The loss attributable to the owners of the parent was $835 million, compared with a profit of $280 million the year before.
Hong Kong-listed landing is the operator of Jeju Shinhwa World, the largest foreigner only resort on Jeju island. The IR generated revenue of $182.1 million, up from $163.9 million, mainly due to hotels, MICE and its theme parks and retail.
The group relocated Landing Casino from Hyatt Regency Jeju Hotel to Jeju Shinhwa World on 25 February 2018, with an exclusive gaming area approximately 5,500 square meters. It has 155 gaming tables, 239 slot machines and electronic table games.
It gave no explanation for the drop in its gaming revenue.
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.