Landing International Development posts $272m loss in 2020

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Landing International Development posts $272m loss in 2020

Landing International Development Limited has reported a loss of HK$2.12bn (US$272m) for full year 2020, slightly narrowed from the loss of HK$2.13bn in 2019.

The Hong-Kong listed casino operator posted revenue of HK$788m, a 3% decline from the prior-year period. Landing’s gaming business represented HK$186.5m of the total revenue, a 12.5% year-on-year decline.

Integrated Resort development and property development revenue meanwhile reached HK$504.2m and HK$97.3m respectively for full year 2020.

“Our major business in Jeju Island, South Korea, which largely relies on entertainment and hospitality market conditions, especially the gaming business, has been inevitably affected by Covid-19,” a statement from Landing read.

“Operating hours and maximum capacity across our attractions, restaurants and facilities are being continuously adjusted according to government guidelines.”

The statement continued: “With the rollout of Covid vaccines giving hope, it is expected that the vaccines are likely to ease various kinds of restrictions in the foreseeable future. However, at the present time, we are still facing difficulties in anticipating the material development of Covid-19 and a wide range of public policies to be introduced globally and regionally, especially the travel restrictions, which could significantly affect our core businesses.”