Landing takes 100 percent ownership of Jeju project

Hong Kong-listed Landing International Development has announced it is now the sole owner of the foreigner-only casino project in Jeju, South Korea.

In December, the company announced it was planning to take the remaining share of Jeju Shinhwa World project, previously known as Resorts World Jeju after Genting announced its exit from the project.

At the time, Genting Singapore’s subsidiary Algona Pte. Ltd. entered into a conditional sale and purchase agreement with Landing International Development Ltd. to dispose of its 100 percent interest in Callisto Business Ltd. for a consideration of approximately US$420 million.

Callisto’s subsidiary owns 50 percent of Landing Jeju Development Co., Ltd, the company developing an integrated resort in Jeju Korea.

In a recent filing from Landing International Development, the Callisto and Autumnglow acquisition took place on January 3, 2017.

“The Company is now the sole legal and beneficial owner of the entire issued share capital of each of Callisto and Autumnglow and wholly owns the Jeju Project,” said the company.

More news from this jurisdiction

South KoreaTuesday, Feb 14, 2017

Korea’s only casino allowing for local entry, Kangwon Land, is likely to have underperformed in 16Q4 and will continue to do so in 2017, say Korean analysts.

South KoreaFriday, Feb 10, 2017

South Korean casino operator Paradise Co. Ltd.’s net profit fell 31.2 percent year-on-year to KRW 4.4 billion (US$3.8 million) in the fourth quarter of 2016.

South KoreaWednesday, Jan 25, 2017

Chinese visitors to South Korea rebounded in December 2016, up 15.1 percent year-on-year, according to data from the Korea Tourism Organization (KTO).

South KoreaWednesday, Jan 25, 2017

An increasing number of Koreans are turning to lotteries, casinos and other speculative games despite the economic slump.

Hong Kong, South KoreaTuesday, Jan 17, 2017

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.

South KoreaThursday, Jan 12, 2017

New Silkroad Culturaltainment Ltd has announced a name change for its casino at Jeju KAL Hotel, South Korea.

South KoreaWednesday, Jan 11, 2017

Hong Kong-listed Landing International Development Ltd has warned investors it expects to record an increase in net loss for the year ended December 31, 2016.