The LET Group is further shifting around its real estate investments in Japan. After previously announcing the sale of a Hokkaido land plot for $27 million, it’s now moving its interests in a HK$268.7 million ($34.4 million) plot in Okinawa prefecture under its Summit Ascent subsidiary – which operates the Tigre de Cristal casino in Russia.
The 28 adjoining land parcels on Miyakojima island is split between two target companies under LET Group, which Summit Ascent is set to acquire – one for HK$142.8 million ($18.23 million) and the other for HK$137.2 million ($17.5 million). The land plot is the sole material asset of the two companies.
Summit Ascent, also given the uncertainty over its Russian property, due to the ongoing conflict with Ukraine, is also planning to reorganize the use of proceeds from a stock rights issue to develop the Japanese land parcel – subject to approval from the board.
The LET Group, formerly known as Suncity, had originally planned to develop the Okinawa land into a non-gaming project with 40 villas and more than 100 rooms. It was part of the group’s other non-gaming plans in Japan detailed after it withdrew from the race for a gaming license in Wakayama.
The property was originally slated to open in 2023.
