Non-gaming drives improved H1 performance for Landings Jeju Shinhwa World

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Landing International Development Ltd reported an 81.8% year-on-year increase in revenue to HK$476.6 million (US$61.3 million) in the six months ended 30 June 2021, boosted by a significant contribution from the non-gaming attractions at its Korean integrated resort, Jeju Shinhwa World.

The improvement couldnt prevent Landing from recording a HK$623.7 million (US$80.2 million)loss, albeit lower than the HK$792.2 million (US$101.8 million)loss in 1H20, with operations at foreigner-only Landing Casino still severely impacted by COVID-19.

Net revenue at Landing Casino amounted to just HK$58.7 million (US$7.5 million)in 1H21, down from HK$101.1 million (US$13.0 million)a year earlier, with segment loss from the gaming business widening by 250% to HK$248.0 million (US$31.9 million).

That compared to Jeju Shinhwa World revenue of HK$350.7 million (US$45.1 million), up 186.5% year-on-year and mainly derived from its hotels, MICE events, food and beverage services, attraction theme parks and merchandise sales as well as leases of retail spaces in the resort.

Landing said it had specifically targeted the domestic market during the first half of 2021 by offering special staycation packages and promotion events bundled with accommodation, water and theme park access, and food and beverage.

In order to boost market awareness and competitiveness, a wide variety of attraction events such as a lighting show, busking performance and photographer exhibition were launched to enrich our customer experience, it explained.

We believe that all those marketing campaigns were the keys to our rapid sales recovery, in terms of both the occupancy rate and revenue compared to the corresponding period in 2020.