PAG, a Hong Kong-based private asset management firm, is expected to take full control of the complex prior to September 30.
Japan.- Huis Ten Bosch, the theme park in Sasebo where the Nagasaki government hopes to develop an integrated resort, is to be transferred to PAG, a Hong Kong investment fund. Japan’s HIS Co Ltd, the current controller, will sell its 66.67 per cent stake in Huis Ten Bosch for JPY66.66bn (US$482m).
PAG will gain 100 per cent control by September 30. Prior to that, HIS will acquire shares from minority shareholders and convert those shares into treasury shares. PAG values the operator’s total equity at JPY100bn.
The current minority shareholders of Hui Shi 10 Bosch are Kyushu Electric Power Co., Ltd., holding 13.3 per cent; Saibu Gas Co Ltd (10 per cent); Kyudenko Corp (5 per cent); Kyushu Railway Company (3.3 per cent); Nishi-Nippon Railroad Co Ltd (1.7 per cent).
The theme park saw a loss of Y218m in the last fiscal year due to the impact of the Covid-19 pandemic, which led to a 23.3 per cent fall in visitor numbers year-on-year to 799,000. There were no overseas visitors during the fiscal year
Adjacent to the park is the land where the Nagasaki government hopes to develop an integrated resort. However, the announcement made no mention of the casino resort proposal.
Nagasaki is one of the two cities that have submitted bids to develop IRs in Japan. Authorities chose Casinos Austria International Japan Inc as its partner for its IR bid and the planned cost for the development of the IR is JPY438.3bn (US$3.8bn), including JPY175.3bn in equity costs.