Casino investor Landing International Development Ltd. is proposing to implement a ‘capital reorganization’, which will entail a capital reduction as well as a subdivision of the unissued share capital of the company.
Landing International Development Limited (the "Company") (582.HK) is limited company incorporated in the Cayman Islands and is mainly engages in development and operation of the integrated resort, casino and real estate development business carried under a casino license. Currently the business mainly covers Jeju Special Self-Governing Province of South Korea.
In 14 August 2013, the Company and Jeju Free International City Development Center (the JDC) entered into the Memorandum of Agreement to invest in a land of approximately 2.5 million square meters located in the site of the Myth-History Park in Andeog-myeon Seogwang-ril in Jeju, Korea, and is planning to develop a world-class gaming and integrated resort with hotel, gaming facility and residence. In order to more effectively promote the project development and introduce world-class brand and development experience, the company with join force with Genting Singapore Group, a world-class gaming and resort operator, to develop the project in Jeju. This signified that the Company is now heading toward a road of development focusing on integrated leisure resorts and tourism properties in international and global markets. The partnership with Genting Singapore Group will greatly boost the development of the Jeju project and tap into more development opportunities for the Company in the international markets. The Company believes that upon completion, the Jeju project will become the largest five-star leisure resort in Northeast Asia. As a new option for global tourists for leisure and sightseeing, the project will further expand the Company's investment portfolios and improve its profitability and development potentials.
In June 2014, the Group has completed the acquisition of a casino in Hyatt Regency Jeju Hotel and the project company has become the Group’s wholly–owned subsidiary in October 2015. The casino was then renamed as “Landing Casino”. Located in the five-star Hyatt Regency Jeju Hotel, the Landing Casino is pursuant to one of the eight gaming licenses in Jeju under the Tourism Promotion Act. The Landing Casino currently has 26 Baccarat tables, 1 Blackjack table, 1 Tai Sai table, 1 Roulette table and 16 slot machines.