Landing International expecting 2020 losses due to casino theft and visitation drop

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Landing International expecting 2020 losses due to casino theft and visitation drop

Landing International Development Ltd has issued a profit warning for the year ending 31 December 2020, announcing it expects to record a net loss in a filing to the Hong Kong Stock Exchange.

Landing is scheduled to publish its financial results later this month, where it expects to report a 3% year-on-year decline in revenue from the HK$815.5m (US$105m) reported for the prior-year period. It is also expecting a 10-20% decrease in net loss from the full year 2019 loss of HK$2.13bn.

The operator’s 2020 losses were exacerbated by the theft of KRW14.56bn from a safe at Landing Casino, discovered by staff in early January. The company remains uncertain as to whether it will recover the stolen money.

“As the investigation of the incident is still on-going, the company has yet to ascertain the recoverable amount and the definitive amount recognized as loss in the group’s consolidated financial statements for the year as at the date of this announcement,” a statement from Landing read.

The expected decrease in revenue meanwhile has been directly linked to the ongoing coronavirus pandemic, resulting in a decline in visitation to the operator’s foreigner-only casino, and a reduction of property sale activities.