Landing expects to recover Jeju casino stolen funds

Jeju police continue to investigate the theft.
Jeju police continue to investigate the theft.

The operator hopes to recover at least KRW13.4bn (US$11.8m) from KRW14.56bn (US$13.4m) that was stolen from its casino on Jeju island in South Korea.

South Korea.- Landing International Development has announced it expects to recover part of the cash that it lost through a theft at the Landing Casino on Jeju island.

The company reported in January that a Jeju Shinhwa World employee had allegedly stolen KRW14.56bn ($13.2m).

The police arrested three suspects and seized approximately KRW13.4bn (US$11.8m), which was placed in a deposit account held by Jeju police.

Landing said: “The seized money is expected to be part of the amount the group missed as a result of the incident.

“The investigation of Jeju Police is still ongoing, and it is anticipated that the seized money will be returned to the Group after the relevant investigation and/or legal procedures are completed.”

The company said it expects to report a decline in revenue for 2020 due to a combination of the theft and a major drop in visitor numbers to its foreigner-only casino.

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land-based casino LANDING INTERNATIONAL