Added expenses cited
Hong Long-listed Landing International Development Ltd. says it expects its annual net losses to widen for 2016.
The firm’s 2015 net loss was about HKD987.97 million (US$127.4 million), reports GGRAsia; in a recent filing, the company said its expected 2016 net loss is due to a “change in fair value of financial assets at fair value through profit or loss; increase in administrative expenses, mainly staff-related cost and marketing expenses, incurred in the construction and pre-opening stages of the integrated resort development and property development; and increase in other operating and administrative expenses due to expansion of the group.”
The company recently acquired the remaining shares of a casino resort project planned for Jeju Island, South Korea. Landing now wholly owns the project called Jeju Shinhwa World, conceived as Resorts World Jeju until Malaysian casino operator Genting Singapore Plc withdrew. Genting received US$420 million in cash for relinquishing its stake in the project.
In 2016, Landing acquired Les Ambassadeurs Club and Casino, an elite gaming club in London.
