Landing International H1 loss widens on higher costs

Hong Kong-listed Landing International Development Ltd says its first half loss widened in part due to increased employee expenses and operating expenses.

Landing International, which owns and operates the Jeju Casino in South Korea, as well as the Les Ambassadeurs Club in UK, reported a loss of HK$662.6 million ($85.5 million) in 16H1, compared to HK$173.4 million in the prior-year period.

The company reported consolidated revenue of HK$445.3 million, up from HK$109.2 million in the first half of 2015, mainly from its gaming operations in South Korea and the UK, which saw total segment profit of approximately HK$338.2 million for the six months ended June 30, 2016.

Landing International is also involved in a project with Genting Singapore to develop a new integrated resort on Jeju Island referred to as the “Myth-History Park Project.”

“The construction for the phase one development of the hotels and the theme park has commenced in the first quarter and the second quarter of 2016 respectively, and approximately 10 percent of the overall construction of the relevant hotel development has been completed as at the date of this announcement,” said the group.