Hong Kong-listed casino developer Xinhua World said it expects the group’s consolidated net loss to more than double in 2023 from a year earlier. The company operates a resort called Jeju Xinhua World with a foreigner-only casino in Jeju, South Korea.

Consolidated net loss for the 12-month period ended Dec. 31, 2023, is expected to range from HK$450 million ($57.5 million) to HK$540 million, the company said in a filing on Friday.

This compares with a full-year consolidated net loss of HK$216.9 million in 2022.

In other news, the company said in a filing on Monday before the Hong Kong exchange opened that trading in shares was suspended at 9 a.m. on its own request that day.

In Friday’s filing, Xinhua said the main reasons were lower revenue generated by the integrated resort development sector, lower residential property sales, higher operating costs, including employee salaries, and the absence of HK$63 million in impairment due to the reversal of trade and other bonds recorded in 2022.

The company also flagged “possible impacts” on intangible assets as a factor that could still affect results.

“As of this disclosure date, the assessment of impairment losses on intangible assets is still in progress.”

In August, Xinhua reported an interim loss attributable to shareholders of HK$338.9 million in the first half of 2023. As a result, group overall sales fell 39.5% year over year, slightly below HK$418.1 million.

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