Hong Kong – A Hong Kong casino resort developer; Landing International Development Limited, has today issued a public warning to shareholders and investors ahead of the complete final release of annual financial reports for the year 2019.
The announcement from the firm states that, based on a ‘preliminary review on the unaudited consolidated management accounts of the Group for the year ended 31 December 2019 and the information currently available to the Company’, it expects ‘to record a substantial increase in net loss for the year ended 31 December 2019 by not less than 160% as compared’ with the previous year.
Landing International Development, which is listed on the Main Board of the Hong Kong Stock Exchange is a developer and operator of integrated leisure and entertainment resorts including casinos, states five primary reasons for the anticipated estimated figures, including a significant decrease in net revenue from gaming business, a decrease in fair values of investment properties and impairment of property, plant and equipment.
Other factors for the expected net loss were attributable to a decrease in interest income and increase in finance cost and an increase in depreciation charges due to progressive opening of various facilities and provision for impairment of trade and other receivables.
The announcement, issued today, was by order of the board and Chairman and Executive Director Yang Zhihui, who stated in the warning:
“Shareholders and potential investors should note that the Profit Warning Information does not meet the standard required by Rule 10 of the Takeovers Code and has not been reported on in accordance with the Takeovers Code. Shareholders and potential investors are advised to exercise caution in placing reliance on the Profit Warning Information in assessing the merits and demerits of the possible transaction (the appointment of Receivers which may or may not lead to an offer) and when dealing in the securities of the Company.”
Landing International currently owns and operates Landing Casino, situated at Jeju Shinhwa World; a fully integrated South Korean resort located on Jeju Island, an island in the Jeju Province of South Korea. The gaming establishment features around 155 live gaming tables, including Baccarat, Poker, Black Jack, Roulette, Tai-sai, slot machines and electronic table games.