Apr 08, 2016 Newsdesk Latest News, Top of the deck, World  
Hong Kong-listed Landing International Development Ltd has scheduled a special general meeting for April 27 to get approval from its shareholders for the acquisition of Les Ambassadeurs Club and Casino, an upmarket gaming venue in London in the United Kingdom.
Landing International said in December it had struck a conditional deal worth GBP137 million (US$192.7 million) to acquire all the shares in the company controlling Les Ambassadeurs Club (pictured), excluding gaming debt receivables.
The seller of the London venue is Twinwood Ltd, a U.K.-incorporated firm. Landing International said in a filing on Friday that the acquisition would be funded by the company’s internal resources and debt financing.
Les Ambassadeurs Club “will continue to expand and focus on the Chinese markets for high rollers” following completion of the deal, said Landing International in the latest filing. In 2015, 50.3 percent of the club’s customer base was from Asia, according to the filing.
Landing International said it expected more favourable returns from Asian high rollers despite potential higher risks. In addition, the firm said the risk of debt recovery would be manageable and reduced “through implementation of quality credit control measurements”.
Les Ambassadeurs Club and Casino currently operates 45 gaming tables offering a variety of games, including roulette, baccarat, blackjack and three card poker.
According to an extract of Twinwood’s accounts, revenue for the full year 2015 was approximately GBP49.2 million, comprising gaming revenue of about GBP21.6 million. Gaming revenue decreased about 79 percent compared to 2014.
Landing International is also involved in a project with casino operator Genting Singapore Plc to develop a new gambling resort on Jeju Island, South Korea. The firm currently owns and operates the casino at the Hyatt Regency Jeju Hotel.
“The board considers now the right timing to expand and diversify its gaming operations into other markets by investing in a casino with well-defined and recognised brand name such as Les Ambassadeurs Club,” Landing International said in Friday’s filing.
Mar 31, 2023
Feb 28, 2023
Jun 01, 2023
Jun 01, 2023
Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking its market approach in the land-based segment, in terms of manufacturing and sales, says Naoki Kameda (pictured, left), the firm’s...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We’re interested [in entering Thailand], we’re looking… but it’s early days”
Robert Goldstein
Chairman and chief executive of casino operator Las Vegas Sands