Casino op Landing halves year loss, gaming revenue dips

April 1, 2022 Korea Earnings & Filings Industry Updates

Landing International Development Ltd, operator of the Landing Casino (pictured) on Jeju island, in South Korea, reported a HKD1.06-billion (US$134.9-million) annual loss for 2021, but that was still halved from the HKD2.12-billion loss for 2020, the firm said in a Wednesday filing to the Hong Kong Stock Exchange.

The company stated the reduction in annual loss was due to factors including “increase in consolidated revenue and the fair value gains of investment properties for the year, together with… stringent cost controls in operating expenses”.

Nonetheless, the group’s auditors warned of “material uncertainty” about the group’s “ability to continue as a going concern”, as it had net current liabilities of HKD781.9 million as of December 31, 2021.

Its interest-bearing bank borrowing rose 155.0 percent year-on-year in 2021, to HKD2.11 billion, from HKD829.2 million. Landing International’s total assets, less current liabilities, shrank 27.5 percent year-on-year, to just under HKD8.87 billion