Chinese real estate firm Landing International Development Limited has reportedly released its financial results for 2020 showing that it suffered an overall loss of about $272.65 million owing mainly to a steep coronavirus-related drop in visitation to its giant Jeju Shinhwa World development.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm revealed that this figure was nevertheless largely flat when compared with the previous twelve-month period as higher non-gaming revenues such as those from the leasing of retail space supplanted a deterioration in gaming receipts.
Landing International Development Limited has run the Landing Casino within the 617.7-acre Jeju Shinhwa World since April of 2017 and reportedly also saw its aggregated revenues for 2020 decrease by 3.4% year-on-year to approximately $101.34 million. The source detailed that this came as annual receipts from the South Korean property’s 59,2017 sq ft foreigner-only casino plunged by 12.5% to a loss of slightly beyond $65.51 million.
Located on Jeju Island some 20 miles southwest of Jeju International Airport, Jeju Shinhwa World itself reportedly recorded an overall deficit for 2020 of around $164.64 million despite a slight year-on-year improvement in aggregated revenues to nearly $64.85 million. This latter figure was purportedly boosted by a small rise in hotel, event, merchandise and retail space income but conversely checked by a slim drop in residential property sales to $12.51 million for a segment profit in the region of just $1.11 million.
In publicizing the results, Landing International Development Limited reportedly declared that the success of its Jeju Shinhwa World facility ‘largely relies on entertainment and hospitality market conditions’ especially those tied to gaming. As such and it purportedly stated that business had been negatively impacted by the coronavirus pandemic as well as the recent theft of an estimated $13.4 million from its Landing Casino venue.
Reportedly read a statement from Landing International development…
“Operating hours and maximum capacity across our attractions, restaurants and facilities are being continuously adjusted according to government guidelines. In order to strengthen the epidemic prevention, measures like body temperature monitoring and enhanced disinfection cleaning have been implemented.”
Despite the disappointing annual financial results, Landing International Development Limited is purportedly remaining confident regarding the future of its Jeju Shinhwa World development and pointed to the roll-out of coronavirus vaccines as a driver for hope. It purportedly proclaimed that this inoculation program is ‘likely to ease various kinds of restrictions in the foreseeable future’ and help it to overcome numerous hurdles to success including a prohibition on foreign travellers that have been ‘significantly affecting our core businesses.’