GGRAsia – Landing Int in negotiations to buy casino licence

Landing Int in negotiations to buy casino licence

Dec 09, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck

Mainland China real estate developer Landing International Development Ltd said it is in negotiations to acquire a casino licence. The announcement was made on Monday in a filing to the Hong Kong Stock Exchange.

The document did not include details on the target casino licence nor for which jurisdiction is it valid.

Landing International stated that the group has yet to enter into any legally binding agreement in relation to the deal. “The potential acquisition is subject to further negotiation and it may or may not proceed,” the firm cautioned.

Landing International is partnering with Genting Singapore Plc, a subsidiary of Malaysian conglomerate Genting Bhd, to build a US$2.2 billion casino resort on South Korea’s Jeju Island. The property will be modelled after Resorts World Sentosa in Singapore.

Genting Singapore expects to break ground on the Jeju project by the second quarter of 2015, according to a note from finance house Nomura.

In a separate deal, Landing International and Genting Hong Kong Ltd have also announced the establishment of a 50-50 joint venture to operate an existing foreigners-only casino in Jeju Island.

The property is already controlled by Landing International and is located in Hyatt Regency Jeju hotel. It is now under renovation and is forecast to reopen in January 2015, with around 30 gaming tables and 16 slot machines, Landing International stated last month.