South Korean casino operator Landing International Development reported an annual loss of $134.9 million in 2021. It was half of its losses for 2020.
Landing International Development stated the lower annual was because of fair value gains of investment properties and an increase in consolidated revenue in 2021. As a result, its net current liabilities were HKD 781.9 million on December 31, 2021.
Its interest-bearing bank loans increased 155 percent year over year from HKD 829.2 million in 2020 to HKD 2.11 billion in 2021. Also, the company’s total assets reduced 27.5 percent year over year to around HKD 8.87 billion.
South Korean Casino Operator Reduced Annual Loss
The gathering’s 2021 combined income rose 71.3 percent year on year to HKD 1.35 billion. However, the 2021 gaming-section income was HKD88.6 million, down 52.5 percent in 2020.
According to Korean sports betting reports, the 2021 income from incorporated retreat improvement was up 69.8 percent year over year, to HKD 856.4 million. On the other hand, the income from property advancement last year was almost HKD 405.0 million, increasing 316.3 percent year over year.
However, when the organization’s liabilities in those three sections were considered, they delivered a joined segmental deficiency of HKD885.2 million. It was an improvement from an HKD 1.7 billion segmental misfortune in 2020.
The company said that the resort relies on hospitality and entertainment markets. However, movement and business limitations due to the pandemic hurt the gaming business. The restrictions led people to the best online casino Korea websites.