Landing International has informed its shareholders that it expects to record a net loss for the six months ended June 30, due in part to a decrease in gaming revenue.
Landing is a developer and operator of an iconic world-class integrated leisure and entertainment resort, offering various facilities, including casinos, luxurious hotels, exhibition centers, theme parks, attractions, international catering, spaces for retail business and property development.
It is the owner and operator of Jeju Shinhwa World in South Korea.
Landing said the net loss is attributable to a decrease in net revenue from its gaming business; a decrease in revenue from sales of residential properties; a decrease in interest income and increase in finance costs; and an increase in amortization and depreciation charges due to the progressive opening of various facilities in Jeju Shinhwa World.
Landing posted a widened loss of HK$701.5 million (US$89.4 million) in 2018.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.