Scientific Game

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

Thursday, 22 February 2018 04:21
Visit us

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.

What's new

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 22 June 2018 07:06

Melco hosts workshop on Occupational Safety and Health Management for SMEs

Melco hosts workshop on Occupational Safety and Health Management for SMEs Melco Resorts & Entertainment Limited has conducted a workshop in which it shared with local SMEs the latest trends in Occupational Safety & Health Management Certification and Melco’s experience and expertise in the matter. The workshop attracted SME representatives from various industr... Friday, 22 June 2018 06:55

SJM grants Ina Chan 3 million ordinary shares

SJM grants Ina Chan 3 million ordinary shares Ina Chan, a newly appointed executive director at SJM Holdings and third wife of former Chairman Stanley Ho, has been granted share options totaling 3 million ordinary shares, the company has announced. The shares have an exercise price of HK$10.26 per share. Dr Chan was voted to the board at SJM... Friday, 22 June 2018 06:51

Korea’s foreigner-only casino turnover down 5.4% in 2017

Korea’s foreigner-only casino turnover down 5.4% in 2017 Korea’s foreigner-only casinos saw turnover fall 5.4% to KRW1.2 trillion (US$1.1 billion) in 2017 according to figures released this week by the National Gambling Control Commission (NGCC). The fall in casino gaming activity was linked to a similar 6.2% decline in casino visitation to 2.2 million... Friday, 22 June 2018 06:35

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27