Mainland China real estate firm Landing International Development Ltd said on Friday that it has decided not to pursue the acquisition of a Philippine gaming business. The company had announced on May 4 that it had started negotiations with a potential vendor, which was not identified.
In Friday’s filing to the Hong Kong Stock Exchange, Landing International said it has – since the May 4 announcement – “obtained certain preliminary legal advice on foreign investment in gaming business in the Philippines”.
It added that after review, “the company… terminated all relevant discussions with the potential vendor”.
Friday’s filing didn’t identify the venue involved or the vendor.
Landing International has for several years been pursuing casino business in the Asia Pacific region.
A South Korea casino hotel complex – called Jeju Shinhwa World, on the holiday island of Jeju, and developed and operated by Landing International – opened some of its hotel accommodation in late April.
The firm already owns and operates a casino on Jeju Island, branded Landing Casino, located at the Hyatt Regency Jeju Hotel.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia