Hong Kong-listed Landing International Development Ltd has scheduled a special general meeting for April 27 to get approval from its shareholders for the acquisition of Les Ambassadeurs Club and Casino, an upmarket gaming venue in London in the United Kingdom.
Landing International said in December it had struck a conditional deal worth GBP137 million (US$192.7 million) to acquire all the shares in the company controlling Les Ambassadeurs Club (pictured), excluding gaming debt receivables.
The seller of the London venue is Twinwood Ltd, a U.K.-incorporated firm. Landing International said in a filing on Friday that the acquisition would be funded by the company’s internal resources and debt financing.
Les Ambassadeurs Club “will continue to expand and focus on the Chinese markets for high rollers” following completion of the deal, said Landing International in the latest filing. In 2015, 50.3 percent of the club’s customer base was from Asia, according to the filing.
Landing International said it expected more favourable returns from Asian high rollers despite potential higher risks. In addition, the firm said the risk of debt recovery would be manageable and reduced “through implementation of quality credit control measurements”.
Les Ambassadeurs Club and Casino currently operates 45 gaming tables offering a variety of games, including roulette, baccarat, blackjack and three card poker.
According to an extract of Twinwood’s accounts, revenue for the full year 2015 was approximately GBP49.2 million, comprising gaming revenue of about GBP21.6 million. Gaming revenue decreased about 79 percent compared to 2014.
Landing International is also involved in a project with casino operator Genting Singapore Plc to develop a new gambling resort on Jeju Island, South Korea. The firm currently owns and operates the casino at the Hyatt Regency Jeju Hotel.
“The board considers now the right timing to expand and diversify its gaming operations into other markets by investing in a casino with well-defined and recognised brand name such as Les Ambassadeurs Club,” Landing International said in Friday’s filing.
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"We forecast Grand Lisboa Palace will have EBITDA of HKD2.0 billion (US$260 million) with 330 tables by 2022, and HKD3.5 billion with 380 tables by 2023"
Credit rating agency Fitch Ratings