• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Jeju casino backer Landing raising US$18mln via new shares

May 24, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  


Jeju casino backer Landing raising US$18mln via new shares

Hong Kong-listed Landing International Development Ltd, promoter of a foreigner-only casino and resort (pictured) on Jeju Island in South Korea, is to raise HKD138.8 million (US$17.9 million), or HKD138.5 million after expenses, via subscription shares, for a combination of capital expenditure on existing facilities at Jeju Shinhwa World, and toward the cost of a new hotel there.

The firm says the move is in anticipation of recovery in tourism later this year, with the easing of the worst effects of the Covid-19 pandemic.

Following the deal, Landing International Ltd, a private firm that is parent to Landing International Development, and is controlled by businessman Yang Zhihui, will have its interest in the latter firm diluted by 7.01 percentage points, to 35.06 percent. Mr Yang is also chairman of the Hong Kong-listed public business.

Approximately HKD47.5 million of the share subscription proceeds will go on capital expenditure on the maintenance, renovation and upgrade of the existing facilities within Jeju Shinhwa World.

Such expense is likely to be incurred “from the second half of 2021 in preparation for the post-pandemic rebound in the tourism industry,” said Landing International, in a Friday filing to the Hong Kong Stock Exchange.

South Korea – in common with many places in Asia Pacific – currently has restrictions on inbound travel by foreigners, as a Covid-19 countermeasure.

In 2020, the nation saw a 71.3 percent decline year-on-year in the aggregate of visits to its casinos; all but one of the venues open to play only by foreigners.

The rest of the share subscription cash announced on Friday – HKD91 million – will go on “preliminary development cost for the construction of new hotel within Jeju Shinhwa World,” likely to be incurred from the second half of 2021.

The remaining balance, if any, will go toward payment of interest expenses and general working capital, stated the company.

The subscriber is Wealth Millennium Ltd, a British Virgin Islands company, with the guarantor being Pauline Lam, described as “a Chinese national”.

Landing International Development has made an application to list the shares on the Hong Kong bourse, and deal in them there.

Landing International Development said in April its net loss for full-year 2020 was approximately HKD2.12 billion, slightly narrowed from the net loss at HKD2.13 billion in 2019.


  • tweet
Related articles
  • 2Q casino GGR at Jeju Dream Tower down 17pct q-o-q
    2Q casino GGR at Jeju Dream Tower down...

    Aug 15, 2022  

  • Kangwon Land US$29mln 2Q profit as revenue up 53pct
    Kangwon Land US$29mln 2Q profit as...

    Aug 12, 2022  

More news
  • Singapore’s Gambling Regulatory Authority inaugurated
    Singapore’s Gambling Regulatory...

    Aug 16, 2022  

  • Macau drops professional secrecy override from junket bill
    Macau drops professional secrecy...

    Aug 16, 2022  


Latest News

Singapore’s Gambling Regulatory Authority inaugurated

Singapore’s Gambling Regulatory Authority inaugurated

Aug 16, 2022  

The Gambling Regulatory Authority of Singapore (GRA) was inaugurated at a ceremony on Tuesday. The new body – taking on the work of the former Casino Regulatory Authority and adding some new...
Read More
Macau drops professional secrecy override from junket bill

Macau drops professional secrecy override from junket bill

Aug 16, 2022  

PH Resorts still in talks on investment by Bloomberry

PH Resorts still in talks on investment by Bloomberry

Aug 16, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$9.3 million

Second-quarter gaming sales at Jeju Dream Tower casino resort in South Korea



Most Popular

  • Macau bill still lets junkets process patron cash, chipsMacau bill still lets junkets process patron cash, chips August 15, 2022
  • Wenzhou court hears bet crime cases said tied to Alvin ChauWenzhou court hears bet crime cases said tied to Alvin Chau August 12, 2022
  • Macau GGR 8-14 Aug US$10mln/day, up 120pct: brokerageMacau GGR 8-14 Aug US$10mln/day, up 120pct: brokerage August 16, 2022
  • No-interest play deposits ok for casinos says Macau billNo-interest play deposits ok for casinos says Macau bill August 12, 2022
  • Singapore’s Gambling Regulatory Authority inauguratedSingapore’s Gambling Regulatory Authority inaugurated August 16, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us