Japan’s Sega Sammy has reached an accord to exit a planned development in South Korea’s Busan to focus on an integrated resort project it is developing with Paradise Co.
The company announced its intention not to proceed with the commercial complex in December last year. It will transfer the plot back to Busan Metropolitan City at a transfer price of KRW94.4 billion ($83.5 million). The resulting loss has already been recorded in results in the nine months to end December.
“There is no significant change in the total amount of extraordinary loss due to the determination of conditions. The forecast of consolidated operating results for the year ending March 31, 2017 reflecting the impact from this matter is currently under detailed examination,” it said.
The $1.1 billion Paradise City will be South Korea’s first fully fledged integrated resort and is scheduled to open on April 20th.
The company is currently forecasting full-year sales to rise to 373 billion yen ($3.2 billion), from 347.9 billion yen the year earlier. It sees operating income of 28 billion yen, up from 17.6 billion.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.