Hong Kong-listed casino project investor LET Group Holdings Ltd says it is “actively seeking opportunities” to “divest its non-core business of property development” in Niseko, Hokkaido prefecture, Japan, to boost the group’s cash flow.
That is according to a quarterly update filed to the Hong Kong bourse on Wednesday.
The group had flagged in several 2023 filings a plan to dispose of the 220,194-square metre (2.37 million sq. foot) piece of real estate, for US$27.6 million. That deal was terminated as LET Group said in a November 1 filing that the would-be buyer failed to pay a US$22.6-million balance on the price.
In its Wednesday update, LET Group said that no new buyer has been secured yet.
LET Group controls Hong Kong-listed Summit Ascent Holdings Ltd, which runs the Tigre de Cristal casino resort in Primorye, near the Russian Pacific port of Vladivostok.
The controlling shareholder in LET Group aims to resume attempts to sell the group’s casino operations at the Tigre de Cristal resort, at a sale price of “no less than US$92.8 million”, the firm said in a Tuesday filing.
LET Group and Summit Ascent became non-compliant with Hong Kong bourse rules in January, after both firms saw an exodus of directors following the attempted deal to dispose of the entity that holds the gaming licence for Tigre de Cristal.
In February, the respective stock of LET Group and Summit Ascent was suspended from trading. Separately, Hong Kong’s stock market regulator the Securities and Futures Commission (SFC) said it was investigating both firms for possible breach of its rules regarding the Tigre de Cristal proposed deal.
In May, LET Group freshly appointed three directors, two of them returnees.
