Landing International Development, founder and operator of Jeju Shinhwa World (pictured), which has a foreign-only casino on South Korea’s island of Jeju, reported an improvement in its out-of-game business in the first half, but trading at casinos was “slow,” it said in a filing with the Hong Kong Stock Exchange on Monday.
Landing International reported a net loss of HK$623.7 million ($80.1 million) for the six months ended June 30. Nonetheless, that was down from a net loss of HK$792.2 million a year earlier, according to unaudited interim results.
The improvements were supported by group-wide median revenue growth and “strict cost controls” on group operating costs, the filing said.
Landing International posted consolidated sales of about HK$476.6 million during the period, up 81.8% from HK$262.1 million a year earlier. About HK$350.7 million, or about 74% of the group’s median sales, came from Jeju Shinhwa World’s non-gaming business.
The group’s overall increase in interim revenue was attributed to a previously faltering “increase in domestic demand” through locals visiting the Jeju Shinhwa World and an increase in residential real estate sales, Landing International said.
Jeju Shinhwa World targeted the South Korean domestic market by offering “special accommodation packages” and promotions, which helped it achieve “quick sales recovery” in terms of hotel share and non-game revenue in the first half of the year, the company said.
The group noted that restrictions remain on inbound foreign tourism to South Korea amid the ongoing COVID-19 pandemic.
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