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Landing International warns of 25% revenue decline

Landing International Development Limited has warned of a possible consolidated revenue drop for the first half of 2020, ending on June 30.

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The predicted decline should be 25% year-on-year, with the group stating it’s “a slight decrease in consolidated net loss for the six-month period.”

For H1 2019, the group reported a net loss of HKD835.6m ($106.5m).

In the released profit warning, the group stated the decrease in profits is mainly due to the outbreak of COVID-19, which reduced the number of visits to the group’s venues, as well as reducing sales.

Despite the negative effect the pandemic has had on the industry, the group stated it experienced an “increase in net revenue from gaming” and managed to reduce operating and other expenses as a way to offset the losses.

The group operates a foreigner-only casino JejuShinhwa World in Jeju island. Due to various travel restrictions, the casinos in Jeju island, many of which cater to foreign guests, have experienced a fall in visitations. The casino’s gaming revenue for H12019 was HKD79.8m.

The profit warning is a preliminary review of the group’s financial situation and the full report will be published in late August.

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