Hong Kong-listed investment firm Landing International Development Ltd said it is “actively considering” options to raise funds to complete the acquisition of the remaining 50-percent stake in a casino project under construction on Jeju Island in South Korea.
Landing International has agreed to pay US$420 million for the 50-percent stake held by Genting Singapore Plc. Genting Singapore announced last month it was selling its participation in the Jeju Shinhwa World project – previously known as either “Myths and History Park” or “Resorts World Jeju” – in order to focus on other projects, including a potential investment in Japan.
“After recent review of the group’s financing needs … the company is actively considering the conduct of equity fund raising and the fund raising methods available to the company, including rights issue,” Landing International said in a filing on Wednesday.
Landing International had previously said that it would be “advantageous” for the company to obtain 100-percent control of the development and management of the Jeju project, as it would “enjoy the absolute economic benefits from its entire future earnings”.
In Wednesday’s filing, the Hong Kong-listed firm said it would still discuss with financial institutions and its controlling shareholder “the various equity financing possibilities available”.
Landing International reported a loss of HKD526.5 million (US$67.9 million) for the six months to June 30, compared to a loss of HKD143.9 million in the prior-year period. Revenue rose 307.7 percent year-on-year to HKD445.3 million, positively affected by the firm’s gaming operations. The gaming segment reported a profit of HKD82.1 million in the first six months of 2016.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia