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The Hong Kong-listed company said the figure was largely unchanged from the previous 12-month period, as higher non-game revenues, such as retail space leases, replaced worsening gaming revenues, according to a report by Inside Asian Gaming.

Landing International Development Limited has been operating a landing casino within Jeju’s 617.7 acre Shinhwa World since April 2017, with total revenue reported to be about $111.34 million, down 3.4% year-on-year in 2020. This resulted in a 12.5 percent drop in annual profits at 59,2017 square feet foreign-only casinos in South Korean properties, slightly exceeding $66.51 million, according to the sources.

Jeju Shinhwa World, located on Jeju Island, about 20 miles southwest of Jeju International Airport, is known to have posted a deficit of about $164.64 million overall in 2020, despite a slight year-on-year improvement in total revenue to nearly $64.85 million. This was reportedly a slight increase in hotel, event, merchandise and retail space revenues, but on the contrary, home sales were found to have declined slightly in the revenue segment of the $11 million region.

According to reports, Landing International Development Limited announced the results, declaring that the success of the Jeju Shinhwa World facility is ‘particularly heavily dependent on game-related entertainment and hospitality market conditions’. It was reported to have said that the coronavirus pandemic and the recent theft of about $13.4 million from landing casinos had a negative impact on the business.

“Operating hours and maximum capacity are constantly being adjusted according to government guidelines. Measures such as temperature monitoring and disinfection cleaning have been implemented to strengthen the prevention of infectious diseases.”

Despite disappointing full-year financial results, Landing International Development Ltd says it is confident about the future of Jeju’s Shinhwa World development and points to the launch of the coronavirus vaccine as a driving force for hope, declaring the vaccination program “will ease various kinds of restrictions in the foreseeable future” and help overcome numerous obstacles to success, including banning foreign travelers

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