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Landing International given green light to move casino operations to HK$11.7 billion Jeju integrated resort

Thursday, 22 February 2018 04:21
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Landing International Development Limited has announced that it will relocate Landing Casino to its HK$11.7 billion Korean integrated resort Jeju Shinhwa World this week after receiving conditional government approval.

In a filing to the Hong Kong Stock Exchange overnight, Landing International said the opening of Landing Casino at Jeju Shinhwa World would take place this Sunday 25 February, offering 155 gaming tables and 239 electronic gaming machines.

The new Landing Casino will boast a gaming floor around seven times larger than its current home at Hyatt Regency Jeju Hotel, increasing in floor space from 800 square meters to 5,500 square meters.

“The company expects Landing Casino to become one of the key attractions for visitors to Jeju Shinhwa World upon its relocation, as it will serve to offer visitors a complete world-class hospitality, leisure and entertainment experience,” Landing International said.

“In addition, the relocation of Landing Casino and its marked increase in capacity will better position the group in achieving its goal of developing the ‘Landing’ brand into a world-class brand in the gaming and entertainment industries.”

The news comes as Landing International announced consolidated revenue of HK$896.3 million for FY17, an increase of 147% on 2016 results, with profit attributable to owners of HK$505.1 million. The group had announced a loss of HK$1.07 billion in 2016.

The turnaround was primarily attributable to the sale of luxury casino Le Ambassadeurs Club in London for HK$2.5 billion late last year, recording a gain on disposal of HK$447.1 million.

However, Landing International will be hoping the relocation of Landing Casino boosts its casino revenue going forward, with revenue at the casino’s current home falling 35.1% in 2017 to HK$235.8 million. Total loss from the company’s gaming business for the 12-month period was HK$117.1 million.

In its filing, Landing International said that, “Jeju Shinhwa World is poised to be an iconic mega tourist attraction in Asia, offering a selection of upscale hotels with more than 2,000 luxurious guest rooms, villas, a destination spa, a convention center equipped with full meeting and conference facilities, theme parks and a waterpark catering to all ages, a retail and food complex housing one of the largest duty free shops in Jeju and offering visitors a wide variety of local and international cuisines.

“Jeju Shinhwa World is also home to one of the largest clusters of premium resort condominiums and villas in Jeju with self-contained neighborhood and leisure amenities.”

Jeju Shinhwa World launched operations of its Shinhwa Theme Park in September with Jeju Shinhwa World Landing Resort, Landing Convention Centre and YG Republique – a collaboration with YG Entertainment – opening in November. Jeju Shinhwa World Marriot Resort and Shinhwa Shoppes were opened in December 2017.

The company added that Jeju Shinhwa World Shinhwa Resort and Shinhwa Waterpark are scheduled to open in mid-2018 while development and construction of Jeju Shinhwa World Four Seasons Resort & Spa and Lionsgate Movie World at Jeju Shinhwa World are ongoing and expected to be completed in in late 2019 or early 2020.

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