Casino Company Landing Confirms US$18 Million Stock Placement

Asian casino developer Landing International Development said Wednesday it has completed a share allocation that will raise a net cost of HK$137.1 million (about US$17.7 million). The company said the money will be used as the general working capital for the Jeju Shinhwa World Casino Resort in Jeju Island, South Korea.

Resort Landing Casino (file photo), a foreign-only gaming facility, opened in February 2018.

Hong Kong-listed Landing International said in a filing on Wednesday that its agent, Ferran Securities, held a total of less than 587 million shares at HK$0.235 per share. The shares accounted for about 16.67% of the company’s issued equity capital due to the exercise.

The company said that as far as directors are concerned, the batch shares will go to “independent third-party professionals, institutions or other investors.”

Landing International posted a net loss of about HK$2.13 billion in 2019, aggravating from a loss of HK$715 million a year earlier, according to an audit filing with the Hong Kong Stock Exchange last month.

The group said the expansion of net losses in 2019 was mainly attributable to a significant contraction in the game business’s net profit. Other factors included a loss in the fair value of investment properties, a decrease in interest income and increased financial costs, an increase in depreciation costs due to the gradual opening of the Jeju Shinhwa World complex, and impairment losses on sales and other bonds.

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