Jeju SHINHWA OP 2022 Losses At Least 65pxy-y

Hong Kong-listed casino developer Xinhua World Inc. (formerly Landing International Development Inc) said it expects to post a “significant decline” in consolidated net losses for the full year of 2022. That came despite a “decline in revenue” from gaming operations during the period.

Consolidated net loss for the 12-month period ended Dec. 31, 2022, is expected to fall “about 65% to 85%” year over year, the company said in a filing on Monday.

The company reported an annual loss of HK$1.06 billion ($134.9 million) in 2021, but that was still halved from a loss of HK$2.12 billion in 2020.

Xinhua World will release its full-year 2022 earnings at the end of March.

The company operates a resort called Jeju Shinhwa World with a foreigner-only casino (pictured) in Jeju, Korea. The company was previously linked to plans to develop a resort complex in the Philippines.

Travel restrictions related to COVID-19 have restricted international visitors from traveling to Jeju for some time in 2022. The Jeju Visiting Non-Visit Scheme for certain passport holders began in June, described at the time as a “restart” of some pre-pandemic preparations.

Xinhua World reported a net loss of nearly HK$155.4 million in the first half of 2022, compared with a loss of HK$623.7 million in the same period a year earlier.

The company said in its Monday filing that the expected decline in consolidated net losses “steadily increased” in spending by domestic visitors to the Jeju Xinhua World Resort, among other things, “leading to an increase in revenue generated from the integrated resort sector.” This was further helped by “reduced operating costs due to tight cost controls,” the company added.

The company said the recorded decline in amortization, depreciation and financial expenses helped reduce its consolidated net loss for 2022.

Other factors mentioned are related to the reversal of sales and other bond impairments and the “possible impact” on the recognition of impairments on intangible assets.

Landing International changed its name to “Xinhua World Inc.” late last year, judging that the board will “better reflect the current status of the group’s business development and its future direction of development.”

BY: 릴게임사이트