Integrated resort developer Landing International Development Ltd, which operates the Jeju Casino in Korea, reported revenue from its casino business at HK$17.4 million (US$2.2 million) for the year ended Dec. 31, 2015, a 18.5 percent decrease from 2014, according to a recent filing to the Hong Kong Stock Exchange.
Landing said its segment loss increased 263.2 percent to HK$73.6 million in 2015 from HK$20.3 million in 2014 due to “the increase of operating expenses and depreciation due to the expansion of the Casino Business.”
Landing said a number of factors were a positive sign for the segment, including: favorable visa/immigration policies for Chinese inbound travelers; the close proximity between Mainland China and South Korea; and improved direct access via flights and cruises, which has resulted in an upward trend in the number of Chinese tourists travelling to South Korea.
Total revenue of the group for the year ended Dec. 31, 2015 was reported at HK$246.5 million, compared to HK$223.3 million in 2014. Loss attributable to the owners of the parent was approximately HK$988 million, compared to a loss of HK$293.7 million in 2014.