• 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

Landing confirms failed talks over S. Korea casino

Mar 30, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck  


Landing confirms failed talks over S. Korea casino

Mainland China real estate developer Landing International Development Ltd confirmed that negotiations for the company to acquire the foreigners-only Alpensia casino at Holiday Inn Resort in Pyeongchang, South Korea, have ended without a deal.

“Some of the conditions set out in the … sale and purchase agreement had not been satisfied or waived and no extension of the long stop date had been agreed; hence, [the] sale and purchase agreement lapsed on 28 February 2015,” the company said in a filing on Friday.

The Hong Kong-listed firm in December said it had agreed to pay HKD868.7 million (US$112 million) for Wealth Seed Group Ltd, which operates – via a Korean subsidiary – the foreigners-only Alpensia casino. The casino has a total of 16 gaming tables, including nine baccarat tables, and 42 slot machines, Landing International had said in previous filings. The company had plans to expand the casino from the existing 16 to 70 gaming tables.

The Alpensia resort (pictured), featuring skiing and other tourism attractions, will be the main venue for the 2018 Winter Olympics and Winter Paralympics. Pyeongchang, in the country’s Kangwon province, will host the Olympic Winter Games in February 2018.

For the year ended December 31, Landing International posted a loss attributable to shareholders of the company of about HKD293.7 million, against a loss of HKD137.1 million in 2013. Revenue for the period increased by 23.3 percent year-on-year to HKD223.3 million, the company said in Friday’s filing.

The firm said the increase in loss was mainly attributable to expenses in connection with a newly acquired casino business; pre-construction administrative expenses for an integrated resort development; and increase in other expenses due to the company’s expansion.

Landing International already has two other casino investments in South Korea. The company and Genting Hong Kong Ltd have a 50-50 joint venture to operate an existing foreigners-only casino at Hyatt Regency Jeju hotel, which was acquired in June and re-opened on January 18. The casino, now operated under the name Genting Jeju, has 30 gaming tables and 16 slot machines.

The company reported revenue from the casino business segment of about HKD21.4 million for 2014. However, the segment had a loss of approximately HKD20.3 million “mainly due to the suspension of business during renovation period … since October 2014”.

The Chinese real estate developer is partnering with Genting Singapore Plc to build a US$1.8 billion casino resort on South Korea’s Jeju Island, which broke ground on February 12. The property, to be modelled after Resorts World Sentosa in Singapore, will open progressively from 2017 and is expected to be completed by 2019.

Both Genting Hong Kong and Genting Singapore are subsidiaries of Malaysia-based global gaming investor Genting Bhd.


  • tweet
Related articles
  • Kangwon Land slot brand Manila office eyes SE Asia sales
    Kangwon Land slot brand Manila office...

    Mar 28, 2023  

  • GEN Singapore boss flags uneven recovery pace in 2023
    GEN Singapore boss flags uneven...

    Mar 28, 2023  

More news
  • Pagcor chairman keynote speech at SiGMA Asia
    Pagcor chairman keynote speech at SiGMA...

    Mar 28, 2023  

  • 3-month eVisa plan to boost Vietnam tourism: report
    3-month eVisa plan to boost Vietnam...

    Mar 28, 2023  


Latest News

Pagcor chairman keynote speech at SiGMA Asia

Pagcor chairman keynote speech at SiGMA Asia

Mar 28, 2023  

Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), is to give the keynote speech for the opening of the SiGMA Asia conference for the...
Read More
3-month eVisa plan to boost Vietnam tourism: report

3-month eVisa plan to boost Vietnam tourism: report

Mar 28, 2023  

Kangwon Land slot brand Manila office eyes SE Asia sales

Kangwon Land slot brand Manila office eyes SE Asia sales

Mar 28, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The data and evidence on hand all point to the same conclusion: enough is enough. It is time to ban offshore gaming operations in the Philippines, once and for all”

Sherwin Gatchalian

Chairman of the Committee on Ways and Means of the Senate of the Philippines



Most Popular

  • Raffles hotel checks complete at Galaxy Phase 3: MGTORaffles hotel checks complete at Galaxy Phase 3: MGTO March 27, 2023
  • Melco’s Studio City has foreigner-only bet zone: checksMelco’s Studio City has foreigner-only bet zone: checks March 27, 2023
  • Foreigners can use HK-Macau free ticket says tourism bossForeigners can use HK-Macau free ticket says tourism boss March 27, 2023
  • Philippine lawmaker wants POGOs shut within 3 monthsPhilippine lawmaker wants POGOs shut within 3 months March 27, 2023
  • Macau diversification into non-gaming to remain slow: FitchMacau diversification into non-gaming to remain slow: Fitch March 24, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us