Landing int flag 1H increases by 45pct, decreases by at least 65pct

Landing International Development, the operator of a landing casino on South Korea’s Jeju Island, says it expects consolidated sales to record a “significant increase” – about 45% – in the first half of 2022 compared to the same period last year. That came despite “decrease in revenue derived from the gaming business” during the same period.

The company made the announcement in a profit warning filed with the Hong Kong Stock Exchange on Wednesday. It added that it plans to publish interim results for the first half of 2022 “by the end of August”.

Landing International expected “a decline in consolidated net loss of about 65% to 85%” for the six months ended June 30, compared with the same period in 2021.

The company attributed the year-on-year performance improvement to increased spending by Korean customers at the Jeju Shinhwa World Resort (pictured), where the landing casino is located. The increase was sparked by a “series of marketing campaigns,” the company said.

Also contributing to Landing International’s first-half results were “increased residential property sales activity,” “reduced depreciation and depreciation costs,” “increased fair value of investment properties” and “impact on trade and other bond impairment reversals.”

Jeju Shinhwa World opened in March 2018. It currently has 2,062 hotel rooms. It consists of 615 rooms under the Landing Resort brand, 533 rooms under the Shinhwa Resort brand, 572 rooms under the Marriott brand, and 342 rooms under the Somerset brand.

In May, a resort executive told GGRAsia that Landing International plans to add 100 “Somerset” branded condominium accommodations and villas to Jeju’s Shinhwa World. The schedule and cost of the work were not disclosed at the time.

Visa-free entry to Jeju by certain passport holders resumed on June 1 after more than two years of suspension.

Korean authorities announced a visa-free offer for a part of Korea’s tourist market earlier this month. The plan includes a visit to Jeju and a trip to the Korean Peninsula. It will run from Aug. 4-31.

BY: 바카라사이트

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