The entire casino world has suffered in the last year due to the effect of Covid-19 and the casino world is no different. Almost every country decided to shut down the public gathering places like a casino as soon as the World Health Organization declared Covid-19 as a global pandemic. However, people could still gamble on online casino websites without any complications. Physical casinos on the other hand suffered a lot in this 1 year as all the sources of revenue were gone. Big casino companies such as Landing International also struggled to avoid big losses due to their casino not operating for almost a year.
Amidst all this, Hong Kong’s famous and renowned casino “Landing International” has declared that the company would come out with a net loss due to the pandemic and theft in the year 2020. The company has told this in its filing for the Stock Exchange of Honk-Kong. The company also told that they will be disclosing the net loss soon in the year 2021.
Why Is Landing International Expecting A Net Loss?
Landing International reportedly would release the full financial report in the last weeks of March 2021. The loss that the company is warning about is because of two reasons, namely; the coronavirus pandemic and the theft that took place from the safe of the company. Later, it was reported that the overall theft amount was somewhat around 14.56 billion. This is huge and it surely did impact the overall loss that the company incurred. This incident took place in January in the year 2020 and this incident was reported by one of the workers of Landing International. Moreover, Landing International is still not sure whether they can recover the money that was stolen from the safe or not.
The coronavirus pandemic has affected the revenue generation heavily because of the lockdown that took place and persisted for almost a year. The visitors had dropped down to 0 and the other activities of a casino stopped and many of them encouraged sales. The company summed up their condition when they announced that they are expecting a net loss in the financial report of the year 2020.
Well, the financial report of Landing International is yet to come but the results of the report have already been hinted at by the company in its filing that came early in March 2021.
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