International H1 Profit Achieved In Revenue Surges On Increased Casino

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International H1 Profit Achieved In Revenue Surges On Increased Casino by bsc news 2024 safety slot site
Hong Kong-listed casino investor Landing International Development posted a 478% year-on-year rise in first-half profit, helped by a significant increase in the profit contribution of its gaming business in South Korea's Jeju Island. Those gains were about HK$280.6 million ($35.7 million) compared with about HK$48.6 million ($35.7 million) in the first half of 2017, it said on Thursday.

The company reported revenue of HK$1.75 billion in the first six months of 2018, up 360% year-over-year.

Following the relocation of the landing casino from the Hyatt Regency Jeju Hotel to the Jeju Shinhwa World Casino Resort on Feb. 25, 2018, Landing International said in a recent report that "the significant increase in sales during this period was mainly due to the revenue contribution of the gaming business."

In the six months to June 30, Landing Casino (pictured) posted gross gaming revenue of HK$2.41 billion, compared with HK$174.5 million the previous year. Landing International paid customers and gaming partners a total of HK$1 billion in rebates, fees and allowances during the reporting period, compared with HK$37.4 million the previous year.

Since relocating on Feb. 25, Jeju's Shinhwa World casino had a total operating value of about HK$66 billion and a holding ratio of 3.2%, the company said.

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) in the group's operating segment was slightly above HK$764.7 million in the six months to June 30. The company reported losses before interest, taxation, depreciation and amortization in the first half of 2017. Adjusted EBITDA margin in all of the company's operating segments was 43.6% in the first half of 2018.

"Jeju Shinhwa World has achieved remarkable results since its opening and is a game-changing company for the industry," Yang Zhihui, chairman and executive director of Landing International, said in a prepared statement included in a separate press release on Thursday.

He added, "In the future, Jeju Shinhwa World will continue to increase its business and operation to strengthen its reputation as the largest family-oriented premium leisure and entertainment resort in Northeast Asia."

In the first half of 2018, Landing International's non-game revenue was about HK$347.4 million, up 42.5% from a year earlier.

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