After finalizing a deal earlier this month to take full control of the under-construction Jeju Shinhwa World integrated casino resort in South Korea, Chinese real estate developer Landing International Development Limited has reportedly announced that it expects to report a widened annual net loss for 2016.

According to a report from GGRAsia, Hong Kong-listed Landing International Development Limited reported a net loss for 2015 of $127.4 million while it began this year by handing over $421.1 million to Asian casino giant Genting Singapore for that firm’s stake in the coming Jeju Shinhwa World, which is being built at a cost of $2.4 billion on the south-western tip of Jeju Island.

In a Tuesday filing cited by GGRAsia, Landing International Development Limited declared that the anticipated 2016 net loss was mainly due to the “change in fair value of financial assets at fair value through profit or loss” along with an increase in “administrative expenses” related mainly to “staff-related costs and marketing expenses incurred in the construction and pre-opening stages of the integrated resort development and property development”. The firm, which also operates the foreigner-only Landing Casino inside the Hyatt Regency Jeju, reported that its bottom line will moreover be affected by an “increase in other operating and administrative expenses due to expansion of the group”.

Previously known as Myths And History Park and then Resorts World Jeju, Jeju Shinhwa World is set to occupy some 617.7 acres of land and feature an amusement park with 20 rides spread across seven zones as well as multi-purpose convention facilities and an around-the-clock casino open only to non-South Koreans. Scheduled to open progressively from the end of 2017 with 5,000 direct employees, the development will moreover offer a water park and a 2,000-room hotel alongside a spa, a retail quarter, extensive food and beverage facilities and condominiums and villas.

Last year additionally saw Landing International Development Limited spend approximately $192.7 million to acquire the Les Ambassadeurs Club in London from operator Twinwood Limited with the property reporting 2015 revenues of around $60.4 million.

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