Jeju’s foreigner-only casinos have seen a sharp 64 percent drop in sales, and a decrease of employees to the tune of 20 percent as a result of the coronavirus pandemic.
Casino visitation fell 55 percent to 16,873, down from the previous year of 369,409, with most patrons foreigners staying in Korea.
Currently only the Landing casino is open, with four out of eight companies closed since March of last year, and three in limited operations.
A 60% drop in sales, a 20% decline in employment (Jeju News)
Landing International said it has appointed Huang Wei as a non-executive director to oversee the group's theme park and hotel operations.
Hong Kong-listed Landing International has been given the official go-ahead to transfer its casino license from an existing hotel to its new property on Jeju Island, South Korea.
Landing International said its foreigner-only integrated resort in South Korea generated positive revenue in the second half of the year after it switched its focus to marketing to locals.
Landing International Development has turned optimistic on its prospects for recovering most of the cash that it lost in the bold robbery carried out in Jeju over the New Year holiday period.
The board of Landing International has announced that Lin Liangyong has been appointed as a Head of Internal Audit of the Company and he has ceased to act as an independent non-executive director; and that Du Peng has been appointed as an independent non-executive director.
Landing International has issued a profit warning to the effect that the firm expects “to record a slight decrease in consolidated revenue of approximately 3 percent and a decrease of approximately 10 percent to 20 percent in consolidated net loss
It has emerged in the course of local media scrutiny following the major theft that the Landing Casino in Jeju was recently fined by the authorities for policies that offered inadequate protections for workers over abuse from customers, etc.
The Korean media reports that much of the board-level leadership of Jeju Shinhwa World has recently been changed, though the company denies that this has any connection with the recent major theft of funds.
South Korean police have arrested one of three subjects sought in connection with the theft of about $13.3 million from Landing International's Jeju casino. The unidentified man was described as an employee of an agent company that attracts and manages casino customers.
South Korean police say they believe they have located the bulk of the KRW14.56 billion ($13.3 million) missing from the Jeju Shinhwa World casino are are seeking three suspects.