Landing International Development Limited, the operator of a landing casino (pictured) on South Korea's Jeju Island, 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, it said in a filing with the Hong Kong Stock Exchange on Wednesday.

The company attributed the decline in annual losses to factors including "increased consolidated earnings, fair value gains on investment properties for the year, and tight cost control of operating costs," it said.

Nevertheless, the group's auditors warned of "significant uncertainty" about the group's "ability to sustain as a continuing concern," as it held a net current debt of HK$781.9 million as of December 31, 2021.

Interest-bearing bank borrowing rose 155.0% year-over-year to HK$2.11 billion from HK$829.2 million in 2021. Excluding current liabilities, Landing International's total assets were slightly below HK$8.87 billion, down 27.5% year-over-year

The group's consolidated revenue rose 71.3% year-over-year to HK$1.35 billion in 2021. However, its gaming division revenue in 2021 was HK$88.6 million, down 52.5% from 2020.

Consolidated resort development revenue rose 69.8% year-over-year to HK$856.4 million in 2021. Real estate development revenue rose 316.3% year-over-year to nearly HK$450 million last year.

But considering the company's debt to these three sectors, they generated a combined split loss of HK$885.2 million, an improvement from a split loss of HK$1.7 billion in 2020.

The landing casino is located in Jeju Shinhwa World, a tourist resort developed and operated by the group.

The group's management said the resort was "reliant heavily on entertainment and hospitality market conditions, particularly its gaming business," which was "inevitably affected" by travel and business restrictions related to the COVID-19 pandemic.

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