Summit completes US$36mln deal for Okinawa land

Jul 17, 2023 Newsdesk Japan, Latest News, Top of the deck  

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Hong Kong-listed Summit Ascent Holdings Ltd, an investor in the Tigre de Cristal casino resort, near the Russian Pacific port of Vladivostok, says it has completed the deal to acquire a plot of land near Miyakojima city, in Okinawa, Japan.

The company agreed to pay a total of HKD280.0 million (US$35.8 million) to the vendors, including Summit Ascent’s parent company, Hong Kong-listed LET Group Holdings Ltd.

Summit Ascent said it intends to develop a “luxury hotel with seaside cabins” in Okinawa (pictured), to “reap the benefits” of an expected increase in tourists to Japan.

Based on a preliminary construction plan, Summit Ascent said it expected to “utilise approximately HKD25 million” on the design and planning for future development of the Okinawa land.

On Friday, Summit Ascent’s shareholders voted in favour of the acquisition, first announced in May.

The company is to pay HKD142.8 million to LET Group, for the latter’s 51-percent stake in the parcel of land in Okinawa, including loan liabilities.

Summit Ascent is also to pay HKD137.2 million to a company called Solid Impact Ltd, for the latter’s 49-percent stake in the Okinawa land, also including loan liabilities.

The Okinawa property consists of 28 adjoining land parcels, with a total area of approximately 108,799 square metres (1.17 million sq. feet). “As at the date of this announcement, the land parcel largely consists of undeveloped land,” stated Summit Ascent.

In a previous filing, Summit Ascent said that following the approval by Japan’s central authorities of the country’s first casino resort, in Osaka, Other related industries “can also reap the benefits of casino tourism, such as the hospitality industry”.

The casino investor also said there was “strong potential synergy with Japan’s plans and cross selling opportunities for its integrated resort business” in the Russian Far East.

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