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.
Said revenue for the year rose 71.3 percent. The bright star in its results came from its non-gaming revenue sources, including hotels, MICE events, food and beverage services, attraction theme parks and merchandise sales, as well as leasing retail spaces within the resort, with non-gaming revenue reaching HK$1.3 billion, up from HK$601.5 million in the prior year period. Landing said this uptick was spurred by a “series of marketing campaigns.”
Gaming revenue on the other hand fell to HK$88.6 million in 2021, from HK$186.5 million in the prior year period.
“Under a series of travel restrictions and quarantine control measures, foreigner visitation from China and elsewhere to Jeju had dropped significantly in 2021 and remained substantially below pre-COVID-19 levels. Therefore, the performance of the gaming business remained sluggish during the Year,” said the firm.
Landing confirmed it was still looking to identify a suitable lease of land to develop an integrated resort in the Philippines in order to satisfy the requirements of its provisional license.
“As of the date of this announcement, the Group is still in the process of exploring the issue with Philippine Amusement and Gaming Corporation (PAGCOR) under the travel restrictions. Due to the unprecedented social and economic impacts caused by the COVID-19 pandemic, the Company will continue to adopt a cautious approach to evaluate the feasibility of relevant lease of land and development should opportunities arise and to negotiate with PAGCOR for a mutually acceptable solution.”