GGRAsia – Landing Intl shareholders nod U.K. casino buy

Landing Intl shareholders nod U.K. casino buy

Apr 28, 2016 Newsdesk Latest News, Top of the deck, World

The board of Hong Kong-listed Landing International Development Ltd says it has gained approval from the company’s shareholders for acquisition of Les Ambassadeurs Club and Casino, an upmarket gaming venue in London in the United Kingdom.

The vote was passed at a special general meeting on Wednesday, the firm stated in a filing on Thursday.

Landing International said in December it had struck a conditional deal worth GBP137 million (US$199.1 million) to acquire all the shares in the company controlling Les Ambassadeurs Club, excluding gaming debt receivables.

The acquisition is to be funded by Landing International’s internal resources and debt financing.

Les Ambassadeurs Club and Casino currently operates 45 gaming tables offering a variety of games, including roulette, baccarat, blackjack and three card poker.

Landing International currently owns and operates the casino at the Hyatt Regency Jeju Hotel in South Korea. The firm is also involved in a project with casino operator Genting Singapore Plc to develop a new gambling resort on Jeju Island.

Landing International has said that the acquisition of Les Ambassadeurs Club and Casino will allow the company “to step up its investment and presence in the gaming industry”.

The firm said that the London casino “will continue to expand and focus on the Chinese markets for high rollers” following completion of the deal. In 2015, 50.3 percent of the club’s customer base was from Asia, according to a filing earlier this month.