Landing to dispose interest in Les Ambassadeurs Club

Hong Kong-listed Landing International Development Ltd says it is disposing its equity interest in Les Ambassadeurs Club, a luxury casino located in London.

On a Thursday filing, Landing said it agreed to sell its entire interest in Jolly Champion Holding Ltd, which owns the entire equity interest in Les Ambassadeurs Club, for an aggregate consideration of HK$2.5 billion (US$320 million).

While the UK venue had performed well in 2016 and 2017, Landing said it saw the opportunity to divest in line with the company’s latest business focus, and represents a good return for shareholders.

Landing says it estimates a gain of approximately HK$500,000 from the disposal, representing a 30-35 percent return from investment.

“Despite the Disposal, the Group remains strongly committed to developing its gaming business and to becoming one of the global leaders in the tourism, leisure and entertainment industry,” said the company in a statement.

Earlier this month, Landing said it was planning to relocate Landing Casino from its present location at Hyatt Regency Jeju to Jeju Shinhwa World.

The group says it is also looking for opportunities to diversify into emerging markets.

Just this week, Landing was seen discussing with President Rodrigo Duterte about building a theme park in the country.