Casino operator Landing International Development said it expects consolidated net losses of between 10% and 20% year-on-year in its 2020 full-year results. Such losses in 2019 were just over HK$2.1 billion ($274.5 million), according to the results of the 2019 audit submitted to the Hong Kong Stock Exchange in May last year. 온라인경마
Jeju Shinhwa World Resort and a foreign-only game facility, Landing Casino, have been developed and operated in Jeju Island. In a filing to the Hong Kong Exchange on Thursday, the company also said it expects “a slight decline in consolidated earnings of about 3%” for the whole of 2020.
The group’s consolidated revenue was approximately HK$815.5 million, according to its 2019 annual report.The flag to reduce losses in 2020 comes amid the ongoing COVID-19 pandemic, where tourism is declining locally and globally. The 2020 loss reduction proposal also came despite an “incident” announced to the exchange on Jan. 5 this year in connection with the “missing funds of about 14.56 billion won [US$12.9 million]” caused by Jeju Shinhwa World’s game operation.
“As the case investigation is still ongoing, the company has not identified the recoverable amount and the final amount recognized as a loss in the group’s consolidated financial statements as of this announcement date,” the group said in a warning regarding its 2020 profit. The Jeju police recovered about 12 billion won in cash, estimated to be part of Landing International’s missing funds, in mid-January, Yonhap News Agency reported at the time.